USDCHF and USDJPY: USDCHF moves up to 0.88000 level

USDCHF chart analysis

During the Asian trading session, USDCHF hovered around the 0.88200 level. There was a weakening of the dollar at the beginning of the EU session, and the pair retreated to the 0.87900 level, where it found support. Looking at the previous pullbacks, USDCHF could get new support and start a further recovery above the previous high at the 0.88200 level. Potential higher targets are 0.88400 and 0.88600 levels.

We need a negative consolidation and a drop below the 0.87900 support level for a bearish option. A break below and a hold below could cause me to start a further pullback. We would have additional pressure because the EMA50 moving average would move to the bearish side. Potential lower targets are 0.87600 and 0.87400 levels.

USDJPY chart analysis

During the Asian trading session, USDJPY gains support at the 145.15 level. From there, we see the beginning of a bullish consolidation and a rise to 145.95. We are close to reaching the 146.00 level. To continue to the bullish side, we need a break above that level and try to hold above it. If we succeed in that, we will have a good chance to continue further recovery. Potential higher targets are 146.25 and 146.50 levels.

We need a negative consolidation and pullback to the 145.00 support level for a bearish option. Additional support for the dollar at that level is the EMA50 moving average. A break below this support would mean that USDJPY lacks strength, and we will see a pullback to lower levels. Potential lower targets are 144.75 and 144.50 levels.

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