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USDCHF and USDJPY: USDCHF continues to fall below 0.88900

USDCHF and USDJPY: USDCHF continues to fall below 0.88900

On Wednesday, the USDCHF tried to break out of the bearish embrace but encountered resistance at the 0.89500 level.
On Tuesday, USDJPY retreated to 154.54, forming a weekly low there.

USDCHF chart analysis

On Wednesday, the USDCHF tried to break out of the bearish embrace but encountered resistance at the 0.89500 level. After that, we saw a retracement below the EMA50 moving average and a return to bearish consolidation. During this morning’s Asian session, the pair fell to a new weekly low at 0.88810. We are currently at 0.88925 and are holding very close to this morning’s low.

The dollar remains under pressure as the Swiss franc takes advantage. Potential lower targets are 0.88700 and 0.88600 levels. We need a positive consolidation and stabilization above the 0.89000 level for a bullish option. If we succeed in that, we will have the opportunity to start a new recovery. Additional confirmation of continuation to the bullish side would be a move above the EMA50 moving average and the 0.89100 level. Potential higher targets are 0.89200 and 0.89300 levels.

 

USDJPY chart analysis

On Tuesday, USDJPY retreated to 154.54, forming a weekly low there. After that, the pair initiates a positive consolidation from there and recovers to the 156.48 level. There, we encountered the EMA200 moving average, which stopped further progress to the bullish side. During this morning’s Asian session, the pair goes down to 155.10, forming a three-day low.

We expect to see a further pullback and a visit to lower levels. Potential lower targets are 155.00 and 154.80 levels. For a bullish option, we need positive consolidation and a return above 155.60, the daily open price. In this way, we return to the positive side and expect to see a recovery. Potential higher targets are 155.80 and 156.00 levels. A move above 155.80 gives us support from the EMA50 moving average.

 

The post USDCHF and USDJPY: USDCHF continues to fall below 0.88900 appeared first on FinanceBrokerage.

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