Connect with us

Hi, what are you looking for?

Investing

USDCHF under bearish pressure at the 0.90000 level

USDCHF under bearish pressure at the 0.90000 level

USDCHF failed to hold above the 0.90600 level yesterday, and a pullback ensued. USDJPY has been mostly flat this week, with higher volatility only seen on Wednesday.

USDCHF chart analysis

USDCHF failed to hold above the 0.90600 level yesterday, and a pullback ensued. With two strong bearish impulses, we saw a drop to the 0.90000 level. Fortunately, we got support there and started a recovery during this morning’s Asian trading session up to the 0.90280 level. This is where we stop and encounter resistance, and additional pressure is created by the EMA50 moving average.

From there, we initiate another bearish consolidation and pull back to 0.90100. It is very possible that we will see a visit to the 0.90000 level and test it again. The new test will increase the pressure on that level, and we could expect to see a drop to a new two-day low and the potential lower targets are the 0.89900 and 0.89800 levels. Additional support for the dollar in the zone around 0.98800 is the EMA200 moving average.

USDJPY chart analysis

USDJPY has been mostly flat this week, with higher volatility only seen on Wednesday. On Wednesday, US GDP data was released, and it shook this pair. We saw a jump to 151.97 and a drop to the 151.00 level. Yesterday and today we are moving sideways in the 151.20-151.50 range, thus testing the weekly open price. In the last few hours, the pair is in a slight bearish consolidation and it is possible that we will see a pullback to the 151.20 level.

There, we expect to get new support as in the previous pullbacks this week. If we do not get it, we will visit this week’s low at the 151.00 level. Additional support for us will be the EMA200 moving average. If we skip the weekly open price and close above at the end of the day, it will be considered positive, and next week, we could expect further growth to the bullish side.

The post USDCHF under bearish pressure at the 0.90000 level appeared first on FinanceBrokerage.

You May Also Like

Editor's Pick

On April 23, 1985, the Coca-Cola Company made one of the biggest mistakes in American business history: it changed the formula for Coca-Cola. Outraged...

Editor's Pick

The final December results from the University of Michigan Surveys of Consumers show overall consumer sentiment improved for the month but remains near historically...

Editor's Pick

For years the North Korean playbook was obvious to the world. The Democratic People’s Republic of Korea wanted to be the center of attention....

Editor's Pick

Sales of new single-family homes rose again in November, increasing 5.8 percent to 640,000 at a seasonally-adjusted annual rate from a 605,000 pace in...