USDCHF & USDJPY: USDCHF under pressure to fall below 0.9000
On Friday, USDCHF retreated to the 0.90026 level, forming a new weekly low there.
During this morning’s Asian session, USDJPY rose to 157.74 level.
USDCHF chart analysis
On Friday, USDCHF retreated to the 0.90026 level, forming a new weekly low there. After that, the pair recovered to the 0.90225 level by the close of the market. During this morning’s Asian session, we saw a fresh pullback to support at the 0.90050 level. The pair manages to stabilize there and start a positive consolidation above the weekly open price of 0.90225.
A daily high was formed at 0.90355, and now we need to hold above the weekly open price to stay there. If USDCHF succeeds in this, it will have the opportunity to initiate a more concrete recovery to the bullish side. Potential higher targets are 0.90400 and 0.90600 levels. The possible first resistance is the EMA50 moving average in the zone of 0.90400 levels.
USDJPY chart analysis
During this morning’s Asian session, USDJPY rose to 157.74 levels. The pair stops there and initiates a pullback to the 157.00 level. We are breaking below the EMA50 moving average, which is intensifying the bearish pressure. Based on that, we expect a move down to 156.90 and test the EMA200 moving average setup. With his support, we will have a more stable base from which to start a more concrete recovery.
Potential higher targets are 157.50 and 157.60 levels. We need a negative consolidation and stronger pressure on the EMA200 moving average in the 156.90 zone for a bearish option. The break below moves us to a new support level. Potential lower targets are 156.80 and 156.70 levels.
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