- This week has been very positive for the USD/CHF.
- USDJPY was able to recover significantly this week.
Chart analysis of the US dollar against the Swiss franc
This week has been very positive for the USD/CHF. We started at 0.84150 and on Wednesday we saw a higher formation at 0.85600. There, we encounter resistance and pull back, but now we will be supported at the 0.84800 level. From there, we move into a positive consolidation zone and climb above the 0.85000 level and the EMA50. A move higher could increase optimism about further USDCHF recovery and a rise to higher levels recorded in December.
Possible higher targets are 0.85600 and 0.85800 levels. We need a negative consolidation and a pullback to the previous support at 0.84800 for a bearish option. A fall below the 50 SMA increases downward pressure, and we can expect a breakout below the support level and the formation of a new low. Possible lower targets are 0.84600 and 0.84400 levels.
USDJPY chart analysis.
USDJPY was able to recover significantly this week. We started the trading week at 141.00 and are now at 145.30. We were able to form a new high compared to the previous one recorded on December 19th. During the Asian session, the pair found support at 144.50, followed by an impulse wave and a jump to a new high. Today's action indicates that we may see a continuation of the upside and the formation of a new high. Possible higher targets are 145.50 and 146.00 levels.
We need consolidation and a negative pullback to support the bearish option at 144.50. A break below is the first step towards further decline, and potential lower targets are the 144.00 and 143.50 levels. The EMA50 is in the area around 143.00 levels; There, we can expect greater support and a halt to the downtrend.
