Economy 20-05-2024 13:13 5 Views

USDCHF and USDJPY: USDCHF is trying to hold above 0.90900

USDCHF and USDJPY

USDCHF and USDJPY: USDCHF is trying to hold above 0.90900

  • During this morning’s Asian trading session, USDCHF moved in the 0.90850-0.91000 range. 
  • During this morning’s Asian session USDJPY was in a slight bearish consolidation from 155.94 to 155.65 level. 

USDCHF chart analysis

During this morning’s Asian trading session, USDCHF moved in the 0.90850-0.91000 range. With the start of the EU session, the pair moved to the support line and is constantly putting pressure on that level. That could push the pair to a new daily low. On Friday, we had a similar pullback and got support at the 0.90700 level. Additional support in that zone is the EMA 200 moving average. If it gives way, we move below to a new low.

Potential lower targets are 0.90600 and 0.90500 levels. If the USDCHF happens to hold at the current level, it will be in a good position to initiate a positive consolidation and move us above the 0.91000 level. If we succeed in that intention, it will be much easier for us to start further recovery. Potential higher targets are 0.91100 and 0.91200 levels.

USDCHF chart analysis

 

USDJPY chart analysis

During this morning’s Asian session USDJPY was in a slight bearish consolidation from 155.94 to 155.65 level. We have support from the EMA50 and EMA200 moving averages and expect to hold above them. If we succeed, we should see another positive consolidation and climb to the 156.00 level. With that step, we get rid of the bearish pressure and continue to the bullish side.

Potential higher targets are 156.25 and 156.50 levels. If this bearish consolidation continues and we break below the moving averages, USDJPY will move into negative territory. We are then below the weekly open price, which will only strengthen the bearish momentum to start looking for a new support level. Potential lower targets are 155.25 and 155.00 levels.

USDJPY chart analysis

 

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