EURGBP and EURCHF: EURCHF goes to a yearly high at 0.96390
- During the Asian trading session, EURGBP mostly consolidated around the 0.85500 level.
- During the Asian trading session, EURCHF was in a mild bullish consolidation.
EURGBP chart analysis
During the Asian trading session, EURGBP mostly consolidated around the 0.85500 level. In the EU session, we see a strong impulse and growth up to the 0.85626 level. With this, we form a new weekly high and confirm the advantage of the euro in relation to the British pound. We now have a slight pullback to the 0.85550 level and have enough room to consolidate above the Asian session.
This sends us a positive response that we will see further growth of EURGBP. Potential higher targets are the 0.85600 and 0.8650 levels. We would have to first get back below the 0.85550 level for a bearish option. That would signal that the euro is weakening and that we are returning to the previous movement zone. Potential lower targets are the 0.85500 and 0.85450 levels. Additional support in that zone is the EMA200 moving average.
EURCHF chart analysis
During the Asian trading session, EURCHF was in a mild bullish consolidation. It continued in the EU session up to the 0.96389 level, where we formed a new annual high. After that, we pulled back to 0.96200 and tested the weekly open price there. We managed to hold above, which means we could see another bullish consolidation. Potential higher targets until the end of the day are the 0.96350 and 0.96400 levels.
We need a negative consolidation and a drop below the weekly open price for a bearish option. So, we will be able to test this morning’s Asian low. A break below creates a new daily low and thus confirms the weakness of the euro and the retreat of the EURCHF to lower levels. Potential lower targets are the 0.96100 and 0.96000 levels. The EMA200 moving average is additional support at the 0.96000 level.
