USDCHF is holding above 0.8700, and USDJPY is below 146.50
During the Asian trading session, USDCHF formed a new low at the 0.86668 level. During the Asian trading session, USDJPY fell to a new three-week low at 146.22 level.USDCHF chart analysis
During the Asian trading session, USDCHF formed a new low at the 0.86668 level. After that, the pair gets that support and starts a bullish consolidation up to the 0.87550 level, where we form today’s high. In that zone, we encounter resistance that pulls us up to the 0.87200 level. Here, we expect a new higher low to form and start a bullish recovery above the 0.87500 level. Potential higher targets are 0.87600 and 0.87700 levels.
Additional resistance for USCHF could be found in the EMA50 moving average in the zone around the 0.87700 level. We need a negative consolidation and a drop below the support at the 0.87200 level for a bearish option. A break below could take us down to the 0.87000 level. Potential lower targets are 0.86800 and 0.86600 levels.
USDJPY chart analysis
During the Asian trading session, USDJPY fell to a new three-week low at 146.22 level. After forming this low, it slightly recovers to the 147.00 level. For now, we fail to break above and start a new pullback to the 146.50 level. The bearish scenario is present again, and we expect to see a continuation with the formation of a new lower low. Potential lower targets are 146.00 and 145.50 levels.
For a bullish option, we need a positive consolidation and to maintain above the 147.00 level. After forming a bottom at that level, we would have a position from which we could initiate a bullish recovery and growth to higher levels. Potential higher targets are 147.50 and 148.00 levels. We will have additional resistance in the EMA50 moving average in the zone around 148.00 levels.
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