USDCHF and USDJPY: USDCHF is in an uptrend reaching 0.88500
- This week we have seen USDCHF consolidating upwards as of this morning at 0.88530.
- USDJPY turned to the bullish side after bouncing back above the 147.00 level on Tuesday.
Chart analysis of the US dollar against the Swiss franc
This week we have seen USDCHF consolidating upwards as of this morning at 0.88530. There, we formed a new weekly high and started to pull back. During the EU session, we fell below the Asian low and formed a daily low at 0.88300. Right now, we are holding just above that level, but it is still under downward pressure that could take us to a new low. Possible lower targets are 0.88200 and 0.88100 levels.
In the area around the level of 0.88200, we face the EMA50, and there we expect certain resistance for the continuation of the downtrend. For a bullish option, we need a positive consolidation and a return of USDCHF above the 0.88400 level. This brings us back to the positive side, and from there, we have a greater chance of starting a new bullish consolidation. Possible higher targets are 0.88500 and 0.88600 levels.
USDJPY chart analysis.
USDJPY turned to the bullish side after bouncing back above the 147.00 level on Tuesday. Since then, we have been in a stable bullish consolidation zone. Yesterday we broke above the 148.00 level and continued above the EMA200. With its support, it becomes much easier for us, and we saw that in the Asian session this morning when we rose to the 148.80 level in a bullish impulse.
We are now close to the 149.00 level and we may reach it soon. Possible higher targets are 149.10 and 149.20 levels. For the bearish option, we need a negative consolidation and a pullback to the EMA200 and 148.20 levels. A break below that enhances the bearish momentum and pushes us to test the support level today at 148.00. Possible lower targets are 147.90 and 147.80 levels.
