USDCHF and USDJPY: USDCHF recovers to 0.90500 level
- During the Asian trading session, USDCHF received support at the 0.90200 level.
- On Friday, USDJPY fell to a new weekly low of 150.81 levels.
USDCHF chart analysis
During the Asian trading session, USDCHF received support at the 0.90200 level. After this, we saw a bullish consolidation and a move above the 0.90400 level. Additional support for this pair is the EMA50 and EMA200 moving averages. We are now testing the previous high from Friday and hopefully going to a new one. Potential higher targets are 0.90800 and 0.91000 levels.
That would bring us back to last week’s resistance zone. For a bearish option, we need a negative consolidation and pullback again below the 0.90400 level. After that, we will be under pressure to test the weekly open price and support at the 0.90200 level. Slipping below pushes us to a new daily low, and thus, we get confirmation of bearish momentum. Potential lower targets are 0.90000 and 0.89800 levels.
USDJPY chart analysis
On Friday, USDJPY fell to a new weekly low of 150.81 levels. We were down for a short time because there was a quick recovery and a return above the 151.40 level. By the end of the day, the pair climbed to 151.70 and thus returned to the previous movement zone. During this morning’s Asian trading session, we initiated a positive consolidation above 151.80 and are now at 151.90.
We are close to reaching the 152.00 level and there we form a new high for the year. Potential higher targets are 152.20 and 152.40 levels. For a bearish option, we need negative consolidation and pullbacks below 151.60. With that step, we fall below the weekly open price, and I move to the bearish side. Additional pressure creates a drop below the EMA50 moving average. Potential lower targets are 151.50 and 151.40 levels.
