USDCHF retreated from the weekly high, USDJPY is rising

USDCHF chart analysis

On Friday, USDCHF retreated from the weekly high to the 0.88200 support level. During this morning’s Asian trading session, the movement occurred in the 0.88280-0.88450 range. This trend continued in the EU session. We now have resistance at the 0.88450 level. We tried to move above in the previous hour, but we didn’t succeed. We are again at the lower level of this channel, putting pressure on it.

This could lead to a drop below and the formation of a new daily low. Potential lower targets are the 0.88100 and 0.88000 levels. We need a positive consolidation and a break above the 0.88450 level for a bullish option. Then, if we plan further recovery, we have to keep up there. Potential higher targets are the 0.88500 and 0.88600 levels.

USDJPY chart analysis

During this morning’s Asian trading session, USDJPY rose to 149.33 levels. There, we form a daily low and retreat to the 149.00 level. Failure to move above could add to the bearish momentum and take us below the 149.95 level. With that, we fall to new low days and get confirmation of the bearish option. After that, we can expect to see further declines in USDJPY.

Potential lower targets are 148.80 and 148.70 levels. The EMA50 moving average provides additional support in the zone around 148.70, while the EMA200 is lower around 148.40 levels. We need positive consolidation and growth to 149.40 levels for a bullish option. With that, we rise to a new daily high and give the dollar a chance to push this pair to higher levels. Potential higher targets are 149.50 and 149.60 levels.

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