EURGBP and EURCHF: EURCHF continues to rise today

EURGBP chart analysis

On Wednesday, EURGBP rose to 0.85928, forming a new weekly high. During this morning’s Asian session, the pair started a bearish consolidation and fell below the 0.85800 level. In the EU session, the euro continued to slide to 0.85625, a new daily low. We expect to go down to 0.85550 and test the weekly open price. Additional support in that zone is the EMA 200 moving average.

Potential lower targets are the 0.85500 and 0.85400 levels. For a bullish option, we need a positive consolidation and a rise above 0.85700. There, we find support from the EMA 50 moving average and expect to continue the recovery to the bullish side. Potential higher targets are the 0.85800 and 0.85900 levels. We do not rule out a new testing of this week’s high either.

EURCHF chart analysis

During this morning’s Asian trading session, EURCHF gained support at the 0.95300 level. The pair continued its bullish consolidation to a new weekly high at 0.95469. The momentum is quite stable, and we expect to continue on the bullish side. Potential higher targets are the 0.95600 and 0.95700 levels. That will take us to a new August high, and the euro could use that to its advantage.

For a bearish option, we need a negative consolidation and a pullback below the 0.85300 level. With that step, EURCHF would form a new daily low and confirm that it is losing its bullish momentum. After that, we can only watch for further pullbacks and testing of lower support levels. Potential lower targets are the 0.95200 and 0.95100 levels. Additional support for EURCHF is the EMA 50 moving average at 0.95150.

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