- Yesterday we saw a new decline of USDCHF to the level of 0.86848.
- On Wednesday we saw USDJPY fall to the 146.67 support level.
USDCHF chart analysis
Yesterday we saw a new decline of USDCHF to the level of 0.86848. We managed to get support in that area, which caused a bullish consolidation at the si 0.87600 level.
During the Asian session the pair moved in the range 0.87200-0.87600. We are still in that area and the pair from the previous two hours is consolidating bullishly. We now hope to go up to the 0.87600 level and perhaps see a break above and form a new high today.
The highest possible targets are the 0.87800 and 0.88000 levels. We will have additional resistance in the area around the 0.88000 level at the EMA50 moving average. For a bearish option, we need a negative consolidation and a drop below the lower level of 0.87200 of this consolidation. After that, we look back at the previous low. The lowest possible targets are the 0.87000 and 0.86800 levels.
USDJPY chart analysis
On Wednesday we saw USDJPY fall to the 146.67 support level. We managed to stay above and start a bullish consolidation at 148.50 levels. In that area we find the EMA50 moving average, which for now does not allow us to overcome it. Today's move is occurring in the 147.50-148.50 range and we need a break above the 148.50 level to initiate a longer-term bullish consolidation.
The highest potential targets are the 149.00 and 149.50 levels. For a bearish option, we should fall below the 147.50 level. After that, we would see today's new low form, which could trigger a deeper pullback. The lowest possible targets are the levels 147.00 and 146.50.
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