USDCHF under pressure at 0.88000, USDJPY pulled back
- On Thursday, USDCHF retreated to 0.87426, forming a weekly low.
- On Tuesday, USDJPY pulled back to support at the $149.68 level.
USDCHF chart analysis
On Thursday, USDCHF retreated to 0.87426, forming a weekly low. Fortunately, we were there for a short time, and the pair quickly recovered and returned above the 0.88000 level. With the new support of the EMA200 moving average, the pair stabilized in the 0.88000-0.88200 range.
During the Asian trading session and support at 0.88000, USDCHF tried to break the 0.88200 level. He did not succeed in this; for now, we remain trapped in this rank.
This could lead to new pressure on the EMA200 moving average. A drop below increases the pressure on the dollar, and we could see a new daily low forming. Potential lower targets are 0.87900 and 0.87800 levels.
USDJPY chart analysis
On Tuesday, USDJPY pulled back to support at the $149.68 level. In that zone, we encountered the EMA200, and thus, we got its support, which helped us to initiate a bullish consolidation. On Wednesday, we returned above the 150.00 level and successfully formed a bottom. Thursday brought us bullish consolidation and a jump to the 150.70 level.
During the previous Asian trading session, USDJPY was under pressure, and we saw a drop to 150.35. From that place we start a new uptrend and grow to a new weekly high at 150.77.
Potential higher targets are 150.80 and 150.90 levels. For a bearish option, we need a pullback below the 150.50 level. The pair would be under much higher pressure and could slide down. Potential lower targets are 150.40 and 150.30 levels.
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