- USD/CAD's uptrend this week stopped at 1.35364 yesterday.
- This week we took USD/CNY to a three-week low of 7.18108.
USDCAD chart analysis
USD/CAD's uptrend this week stopped at 1.35364 yesterday. We started to pull back from this level and formed a weekly low this morning at 1.34409.
The decline stopped at this point, and the pair began an upward consolidation and rose to 1.34780 levels. We expect this consolidation to continue, rising to 1.35000, and testing the EMA200.
A jump above the two resistance levels will see the USD/CAD pair move to the positive side. With EMA200 support, it could continue to recover to the upside. Possible higher targets are 1.35200 and 1.35400 levels.
We need to pull back and retest this morning's support for the bearish option. Below, we will be under bearish pressure to continue the decline and move it lower.
USDCNH chart analysis
This week we took USD/CNY to a three-week low of 7.18108. Last Friday we saw a pullback below the 200 EMA; On Monday, we tried to break through the upper level, but it ended to no avail.
Tuesday strengthens the bearish momentum and pushes us below the 7.20000 level, and on Wednesday we reach the February low of 7.18108. After that, the pair was able to hold above this level and start recovering to the 7.20000 level.
We are very close to testing the 200 EMA at 7.20500, and a break above it would bring us back to the upside. Possible higher targets are 7.21000 and 7.22000 levels. If we fail in this intention, we return to the downside and turn to the previous bottom. Possible lower targets are 7.19000 and 7.18000 levels.
