USDCHF and USDJPY. USDJPY rose to 158.25 this morning
- During this morning’s Asian trading session, USDCHF held above the 0.89300 level.
- This morning, a new weekly high for USDJPY was formed at the 158.25 level.
USDCHF chart analysis
During this morning’s Asian trading session, USDCHF held above the 0.89300 level. With the start of the EU session, the dollar starts to weaken, and the pair makes a pullback to the 0.89100 support level. We are holding above this support for now and recovering to the 0.89250 level. It is possible that we will see a rise to 0.89400, where we will test the EMA50 moving average. If we manage to stay there, we will be able to test the EMA200 moving average at the 0.89600 level.
Potential higher targets are 0.89800 and 0.89900 levels. For a bearish option, we need to stay below the 0.89300 level. With pressure in that zone, we will be forced to turn to the bearish side again. After that, it is expected that the USDCHF will begin to retreat to lower levels. Potential lower targets are 0.89100 and 0.89000 levels.
USDJPY chart analysis
This morning, a new weekly high for USDJPY was formed at the 158.25 level. After that, we stopped there, and a pullback to 157.30 levels was initiated. The pair is now trying to hold there to turn to the bullish side again. We need another positive consolidation and a rise to 157.50 as an initial step. Potential higher targets are 158.00 and 158.50 levels.
We need a continuation of the current bearish consolidation for a bearish option. Coming down to 157.00, we are back to testing the daily open price. With momentum below the 156.75 level, USDJPY will test the weekly open price and the EMA200 moving average. A break below this support will add bearish momentum to continue to the bearish side. Potential lower targets are 156.50 and 156.00 levels.
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