USDCHF and USDJPY: USDCHF forms support at the 0.90200
During the Asian trading session, USDCHF found support at the 0.90100 level.
During the Asian trading session, USDJPY held above the 149.40 level.
USDCHF chart analysis
During the Asian trading session, USDCHF found support at the 0.90100 level. The previous week, the pair was retreating from 0.91200 to 0.89868 level. We got down there and started to recover to the 0.90800 level, where we encountered the EMA50 moving average, which stopped further recovery. From that level, we go back down to the previous support level. Today, we see attempts to move higher from that zone, start a new bullish consolidation, and rise in USDCHF.
Potential higher targets are 0.90400 and 0.90600 levels. We need a negative consolidation and pullback to the 0.90000 support level for a bearish option. A break below could indicate the formation of a new low and further retreat to lower levels. Potential lower targets are 0.89800 and 0.98600 levels.
USDJPY chart analysis
During the Asian trading session, USDJPY held above the 149.40 level. We continue with lateral consolidation in the 149.40-149.60 range. There is a higher chance that we will see a break above and a continuation of the rise to the bullish side. The first next target is last week’s high at the 149.80 level. A break above would mean that the dollar has the strength to initiate a continuation of the bullish trend. Potential higher targets are 150.00 and 150.20 levels.
We need a negative consolidation and a drop below this morning’s support for a bearish option at the 149.40 level. A break below would indicate a potential further weakening of the USDJPY and a drop to lower levels. The next targets are 149.20 and 149.00 levels. Additional support for the pair could be found at 149.20 in the EMA50 moving average.
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