USDCHF and USDJPY: USDCHF remains under bearish pressure
On Friday, we saw the formation of a new USDCHF low at the 0.85142 level. Last week, USDJPY tried to start a recovery, but we were stopped at the 145.00 level.USDCHF chart analysis
On Friday, we saw the formation of a new USDCHF low at the 0.85142 level. In the previous week, an attempt to break above the 0.87000 level failed, after which the bearish consolidation continued. The pair manages to find support on Friday and moves up to the 0.85600 level. As today is a non-working day, tomorrow we will see which way USDCHF will go. It could easily happen that we see a continuation to the bearish side and a drop to a new low.
Potential lower targets are 0.85000 and 0.84800 levels. We need a positive consolidation and a move above the 0.85800 level for a bullish option. After that game, we could expect to see further recovery and a move to higher levels. Potential higher targets are 0.86000 and 0.86200 levels.
USDJPY chart analysis
Last week, USDJPY tried to start a recovery, but we were stopped at the 145.00 level. This was followed by a pullback below the 144.00 level and the EMA50 moving average. We return to the bearish side again, and the pair starts a further pullback, falling to the 142.00 level on Friday. There, the decline stops and recovers slightly to 142.50 levels.
Tomorrow, we could see a further bounce and recovery to the 143.00 level, where we encounter the EMA50 moving average. Potential higher targets are 143.50 and 144.00 levels. We need a negative consolidation and a break below the 142.00 support level for a bearish option. Thus, we would form a new seven-day low and thereby confirm the bearish continuation. Potential lower targets are 141.50 and 141.00 levels.
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