USDCHF and USDJPY: USDCHF after two weeks above 0.88500
- On Friday, USDCHF rose to the 0.88705 level, forming a two-week high.
- USDJPY retreated to the 149.20 level yesterday, forming a weekly low there.
USDCHF chart analysis
On Friday, USDCHF rose to the 0.88705 level, forming a two-week high. In the first part of the week, the pair moved in the 0.87800-0.88200 range. On Thursday, the pair makes a breakthrough above the upper level of the range and rises to the 0.88400 level. During the Asian trading session, we managed to hold above that level and continue to today’s high. We are currently seeing a short pullback to the 0.88500 level.
We will try to get new support here to continue on the bullish side. Potential higher targets are 0.88800 and 0.88900 levels. We need a negative consolidation and pullback below the 0.88400 level for a bearish option. With the formation of a new daily low, USDCHF would be under pressure to initiate a bearish consolidation. Potential lower targets are 0.88300 and 0.88200 levels.
USDJPY chart analysis
USDJPY retreated to the 149.20 level yesterday, forming a weekly low there. We stayed below for a short time, and the pair started a bullish consolidation and rose to the 150.00 level. During the previous Asian session, we saw the continuation of the bullish consolidation that took us to the 150.68 level. For now, we stop at that level and retreat to the 150.30 level. Here now we could find support in the EMA200 moving average.
If we succeed in that, we will continue on the bullish side. Potential higher targets are 150.80 and 151.00 levels. We need a pullback below the EMA200 and 150.25 levels for a bearish option. Below, we would be under pressure to start a further decline below the 150.00 level. We turn again to yesterday’s low. Potential lower targets are 149.80 and 149.60 levels.
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