USDCHF and USDJPY: USDCHF retreated below the 0.86000
A weak dollar caused USDCHF to fall to the 0.85650 level. During the Asian trading session, USDJPY fell to 137.22 level.USDCHF chart analysis
A weak dollar caused USDCHF to fall to the 0.85650 level. All week we have seen a bearish trend for the dollar from 0.89150 to 0.85650, this morning’s low. In the last few hours, the pair managed to slow down the decline and is now trying to consolidate above the 0.85600 level. If it succeeds in this, USDCHF could trigger a bullish option.
We need a rise above 0.86000 and try to hold above there. After that, we could expect to see a recovery. Potential higher targets are 0.86500 and 0.87000 levels. For a bearish option, we need a continuation of the negative consolidation and a drop to the 0.85600 level. A break below would signal a further decline in USDCHF. Potential lower targets are 0.85250 and 0.85000 levels.
USDJPY chart analysis
During the Asian trading session, USDJPY fell to 137.22 level. We managed to hold above that level and initiate a bullish consolidation. The pair is now at 138.50 and slowly pulling out of the bearish embrace. The next important target is the 139.00 level, and we need a break above it to continue on the bullish side. Potential higher targets are $139.50 and $140.00 levels.
We need a negative consolidation and pullback below the 138.00 level for a bearish option. After that, the pair would be directed again towards the previous support level at 137.22. Increased pressure would lead to a breakout below and the formation of a new lower low. Potential lower targets are 137.00 and 136.50 levels.
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