USDCHF Analysis: Hitting Resistance at 0.88300 Today
- Last week’s growth of USDCHF was stopped on Wednesday at the 0.88860 level.
- Last week, USDJPY managed to reach 150.88 levels.
USDCHF chart analysis
Last week’s growth of USDCHF was stopped on Wednesday at the 0.88860 level. Afterwards, the pair retreats and receives support at the 0.87830 level on Thursday. The pair bo was stable on Friday and moved in the 0.88000-0.88300 range. During this morning’s Asian session, we continue to move sideways, and due to the holiday in the US, we expect to continue in the same direction without major movements.
A break above 0.88300 would lead us to test the resistance level. If we move above it, we have a chance to start a further recovery. Potential higher targets are 0.88400 and 0.88500 levels. For a bearish option, we need a drop below the 0.88000 level. With that, we would fall below the previous consolidation and form a new low. In the zone around 0.87800, we encounter the EMA200 and expect to slow down the pullback there. Potential lower targets are 0.87600 and 0.87400 levels.
USDJPY chart analysis
Last week, USDJPY managed to reach 150.88 levels. That’s where we encounter resistance and start retreating, closing the Friday on the 150.20 level. During the previous Asian trading session, the pair continued to retreat, falling to the 149.95 level. A calm day is expected because it is a holiday in the US, and there should not be more market volatility.
Looking chart, we are currently leaning more towards the bearish side, and we could expect a pullback to a better support level. Potential lower targets are 149.80 and 149.60 levels. Additional support at 149.60 is the EMA200 moving average.
We need a positive consolidation and a move above the 150.20 level for a bullish option. After forming a bottom at that level, the pair should start a further recovery. Potential higher targets are 105.40 and 105.60 levels.
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