- On Friday, USDCHF rose as high as 0.88705, hitting a two-week high.
- USDJPY retreated to 149.20 yesterday, forming a weekly low there.
USDCHF chart analysis
On Friday, USDCHF rose as high as 0.88705, hitting a two-week high. In the first part of the week the pair moved in the range 0.87800-0.88200. On Thursday, the pair manages to break through the upper level of the range and rises to the level of 0.88400. During the Asian session we managed to stay above that level and continue to today's high. We are currently seeing a brief pullback towards the 0.88500 level.
We will try to get new supports here to continue on the bullish side. The possible highest targets are the 0.88800 and 0.88900 levels. We need a negative consolidation and a pullback below the 0.88400 level for a bearish option. With the formation of a new daily low, USDCHF would be under pressure to start a bearish consolidation. The lowest possible targets are the 0.88300 and 0.88200 levels.
USDJPY chart analysis
USDJPY retreated to 149.20 yesterday, forming a weekly low there. We stayed below it for a short time and the pair started a bullish consolidation and rose to the 150.00 level. During the previous Asian session, we saw the continuation of the bullish consolidation that took us to the 150.68 level. For now, we will stop at that level and pull back towards the 150.30 level. Here we could now find support at the EMA200 moving average.
If we achieve this, we will continue on the bullish side. The highest potential targets are the 150.80 and 151.00 levels. We need a pullback below the EMA200 and 150.25 levels for a bearish option. Below, we would be under pressure to start a new decline below the 150.00 level. We return again to yesterday's low. The lowest possible targets are the levels 149.80 and 149.60.
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