- On Thursday we witnessed the formation of a new six-month high at the level of 0.92254.
- During the week, USDJPY maintained an uptrend to the 149.70 level.
USDCHF chart analysis
On Thursday we witnessed the formation of a new six-month high at the level of 0.92254. After that, the pair started to retrace during the day yesterday and the decline continued today to the level of 0.90960. At this level, we encounter the EMA50 moving average, which could provide some support and stop the decline. A break below would send USDCHF lower to test this week’s market opening price at the 0.90700 level.
We need EMA50 moving average support and positive consolidation for a bullish option to boost USDCHF. After that, we could see a continuation to the bullish side. The highest possible targets are the 0.91000 and 0.91200 levels.
USDJPY chart analysis
During the week, USDJPY maintained an uptrend to the 149.70 level. In that area we find resistance and the pair begins to retreat towards the support level of 149.10. In the previous Asian session we tried to start a recovery but stopped at the 149.50 level. After that, we see a bearish consolidation and a pullback to the 148.50 level. In this area we find the EMA50 moving average and we hope to receive its support. The lowest possible targets are the levels 148.25 and 148.00.
We need positive consolidation and a return above the 149.50 level for a bullish call. Then, we must stay there so we can start a greater recovery with new momentum. The highest potential targets are the 149.75 and 150.00 levels.
ADDITIONAL VIDEO: Weekly summary of market news
!function (f, b, e, v, n, t, s) {
if (f.fbq) return;
n = f.fbq = function () {
n.callMethod ?
n.callMethod.apply(n, arguments) : n.queue.push(arguments)
};
if (!f._fbq) f._fbq = n;
n.push = n;
n.loaded = !0;
n.version = ‘2.0’;
n.queue = ();
t = b.createElement(e);
t.async = !0;
t.src = v;
s = b.getElementsByTagName(e)(0);
s.parentNode.insertBefore(t, s)
}(window, document, ‘script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘504526293689977’);
fbq(‘track’, ‘PageView’);
