USDCHF and USDJPY: USDCHF manages to recover to 0.88500
During this morning’s Asian trading session, USDJPY continued with Friday’s consolidation in the 153.00-153.80 range.
USDCHF chart analysis
During this morning’s Asian trading session, USDCHF stabilized at the 0.88200 level. After that, a bullish consolidation was initiated, and the pair rose to the 0.88558 level, forming a new weekly high there. For now, we have the opposite side, but we are holding slightly below the 0.88450 level. We expect that we will stabilize there and start further recovery.
Potential higher targets are the 0.88600 and 0.88700 levels. Today’s potential is more inclined towards the bullish side. Additional resistance for USDCHF is the EMA 200 moving average at the 0.88700 level. For a bearish option, we need a pullback below the weekly open price of 0.88350. Together, we are descending to the negative side and will have the opportunity to test this week’s low. Potential lower targets are the 0.88100 and 0.88000 levels.
USDJPY chart analysis
During this morning’s Asian trading session, USDJPY continued with Friday’s consolidation in the 153.00-153.80 range. In the 153.80 zone, we have resistance in the EMA 50 moving average. If we fail to move above, the pair could quickly initiate a deeper pullback. A new test of the 153.00 zone would increase pressure on the dollar and send it to a new daily low.
Potential lower targets are the 152.50 and 152.00 levels. For a bullish option, USDJPY must move above the 153.80 level first. After that, it must stabilize there if it plans to start further growth. We then look towards the 154.50 level, our previous high. By visiting that zone, the chances of continuing on the bullish side increase. Potential higher targets are the 155.00 and 155.50 levels.
