USDCHF and USDJPY: USDCHF creates a support zone
After a bad start at the beginning of the week, USDCHF stabilized yesterday and started a slight recovery
During this morning’s Asian trading session, USDJPY initiated a new pullback from the 146.30 level
USDCHF chart analysis
After a bad start at the beginning of the week, USDCHF stabilized yesterday and started a slight recovery. During this morning’s Asian session, the movement took place in the 0.85050-0.85250 range. The pair is currently calm and gradually leaning to the bullish side. We need a push to 0.85300 to break the EMA 50 moving average. With its support, optimism for a longer USDCHF recovery is growing.
Potential higher targets are the 0.85600 and 0.85800 levels. For a bearish option, we need a negative consolidation and pullback below the 0.85000 level. With that step, we are moving to the negative side, expecting a test of yesterday’s low. This time, the impulse could bring us down to a new low and thus extend the previous bearish consolidation. Potential lower targets are the 0.84800 and 0.84600 levels.
USDJPY chart analysis
During this morning’s Asian trading session, USDJPY initiated a new pullback from the 146.30 level. We got support at 145.50 and managed to stabilize. The pair turned to the bullish side again and returned above 146.00. Now, we also have EMA 50 moving average support. We need a bullish consolidation if we want to see a continuation above 146.50. There, we get new support from the EMA200, after which we expect a stronger bullish trend.
Potential higher targets are 147.00 and 147.50 levels. For a bearish option, USDJPY would have to pull back to the 145.00 support level. This would bring us down to a new daily low and confirm that the pair is under bearish pressure. After that, we are left to watch the pullback and test the previous support levels. Potential lower targets are 144.50 and 144.00 levels.
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