- This week we saw USD/CHF consolidating upwards from 0.85250 to 0.86940.
- USDJPY has been strongly bullish this week, from 144.90 to 148.80.
Chart analysis of the US dollar against the Swiss franc
This week we saw USD/CHF consolidating upwards from 0.85250 to 0.86940. During the Asian session, the pair managed to hold above the 0.86800 level, and now we see a new rally that could achieve a breakout above the 0.87000 level. Possible higher targets are 0.87200 and 0.87400 levels.
We need to pull back below the 0.86800 support level for a bearish option. We then entered an area that may reinforce the bearish momentum and send us to yesterday's support area around 0.86400. A break below would mean the dollar is weakening, and USDCHF could fall to lower levels. Possible lower targets are 0.86200 and 0.86000 levels. The EMA200 moving average is located in the area around 0.86000 levels.
USDJPY chart analysis.
USDJPY has been strongly bullish this week, from 144.90 to 148.80. The aforementioned rally was formed this morning during the Asian trading session. After that, we see how the pair stopped there and started to fall back to the 148.00 level. Here, we could get new support and start an upward consolidation with the aim of breaking the previous high level. Possible higher targets are 149.00 and 149.50 levels.
For the bearish option, we need a pullback to support the 147.50 level. A drop below this level could trigger a deeper pullback and start a downtrend. Possible lower targets are 147.00 and 146.50 levels. The 200 moving average is a potential support for us in the area around 146.50 levels.
