USD/JPY, USD/CHF — February 24th 2012
Watch the latest analysis of the USD/JPY, USD/CHF Forex pairs for the February 24th in this video. USD/JPY — This pair fell on Thursday session as the market finally got a bit of a pullback. The 80.00 level looks supportive which goes down to 79.50 level. The longer it stays above this level, the more significant this move actually becomes and a trend changing event. With many of the problems with bond buyback purchases situations, the Bank of Japan is expanding that program, the Yen may start to lose strength overall. As Oil prices rise, and the Japan import 100% of their Oil and this can work against the Yen as well. A break below the hammer from few days back as seen on the daily chart would be negative and then we could fall to 78.00 level. A break above the highs could be strongly bullish and seen as long term trade for months. USD/CHF — We are at a massive support zone between 0.9100 to 0..9000 levels. The close below the 200 EMA on the daily chart suggests that further weakness could be coming. If we get below 0.9000 level we could see significant weakness with this pair. We have to keep in mind that 1.20 is the floor set by the SNB in EUR/CHF pair. If SNB intervenes with EUR/CHF pair then it could cause USD/CHF also to move up.
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