USDCHF and USDJPY: USDCHF is holding above 0.89000
During the Asian trading session, USDCHF retreated from 0.89200 to 0.89000 levels.
During the Asian trading session, USDJPY was in bearish consolidation from 147.85 level to 146.00 level.
USDCHF chart analysis
During the Asian trading session, USDCHF retreated from 0.89200 to 0.89000 levels. We received support there, and the pair returned to the 0.89200 level again. We are currently holding at that level and could see a break above and a continuation to the bullish side. Potential higher targets are 0.89400 and 0.89600 levels.
We need a new negative consolidation and a drop below the 0.8900 level for a bearish option. With a break below the USDCHF, it would form a new lower low for this week and thus confirm the bearish option. Potential lower targets are 0.88800 and 0.088600 levels. Additional support could be provided by the EMA50 moving average in the zone around the 0.88800 level.
USDJPY chart analysis
During the Asian trading session, USDJPY was in bearish consolidation from 147.85 level to 146.00 level. As the EU session began, the pair started to recover, and we climbed to 146.92 levels. We are now very close to getting back above the 147.00 level. If we succeed in this, we could start a further recovery and follow back to the initial position from the market opening last night. Potential higher targets are 148.25 and 148.50 levels.
We need a negative consolidation and pullback to this morning’s support at the 146.00 level for a bearish option. A break below indicates that USDJPY could form a new lower low, thus confirming the bearish scenario. Potential lower targets are 145.50 and 145.00 levels.
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