USDCHF and USDJPY: USDJPY is falling below last week’s low
During this morning’s Asian trading session, USDCHF continued its previous bearish consolidation
Today, USDJPY continued bearish consolidation up to 142.06
USDCHF chart analysis
During this morning’s Asian trading session, USDCHF continued its previous bearish consolidation. In the EU session, the dollar remained weak, and we saw the formation of a new low for this pair at the 0.84142 level. On Thursday, we had a short-term bullish attempt to recover, which was stopped at the 0.84900 level. There, we met the EMA 200 moving average, which did not allow us to continue above.
After that, USDCHF continued to fall until today’s low. We expect the trend to continue as the pair tests lower levels. Potential lower targets are 0.84100 and 0.84000 levels. For a bullish option, we must first stop further pullback. After forming a new bottom, we can think about starting a bullish consolidation. By returning above the 0.84400 level, we climb above the daily open price. Here, we hope for further stabilization and a continuation on the bullish side. Potential higher targets are the 0.84500 and 0.84600 levels.
USDJPY chart analysis
Today, USDJPY continued bearish consolidation up to 142.06. A new weekly low was formed at that level in the EU session. The pair stopped its retreat for now and recovered to 142.50. That could trigger a continuation of the recovery and take us back above the 143.00 level. The daily open price is at 143.45, and by jumping above, we are moving to the positive side.
Potential higher targets are 143.50 and 144.00 levels. First, we get support from the EMA 50 moving average above 143.50, while the EMA 200 is in the 144.80 zone. For a bearish option, we need a continuation of negative consolidation below 142.00. Thus, we move to a new daily low and confirm the continuation of the bearish momentum. Potential lower targets are 141.50 and 141.00 levels.
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