USDCHF Forecast: Will We Retreat Below 0.87400 Level?
USDCHF moved in an upward consolidation this week from 0.86700 to 0.87622 levels.
In the first part of the week, USDJPY was retreating from 148.90 to 147.60.
USDCHF chart analysis
USDCHF moved in an upward consolidation this week from 0.86700 to 0.87622 levels. On Tuesday, the pair was pressured to move to the bearish side, but we got support at the 0.87000 level. From there, we start the continuation of bullish consolidation and climb to today’s high. If this trend continues, potential higher targets are 0.87800 and 0.88000 levels.
A pullback USDCHF is needed below this morning’s support at the 0.87400 level for a bearish option. A drop below would form a new daily low and thus indicate that we are under pressure and that a pullback to lower levels is possible.
Potential lower targets are 0.87200 and 0.87000 levels. The EMA200 moving average is in the zone around 0.86900; therefore, we should expect a slowdown of the bearish option.
USDJPY chart analysis
In the first part of the week, USDJPY was retreating from 148.90 to 147.60. On Wednesday, at that low, the pair encounters the EMA200 moving average, which further supports the dollar, and from there, we see a new bullish consolidation.
During the morning Asian session, the pair climbed to 149,576, forming this week’s price high. For now, we are holding slightly below that level, at 149.30, and are following the movement of the current consolidation.
A new, stronger bullish impulse would quickly move us above to new high, and thus, we get confirmation of the continuation on the bullish side. Potential higher targets are 149.75 and 150.00 levels. For a bearish option, a pullback to the 149.00 level is required.
This leads to the formation of a new daily low, and the pressure moves to that level. With greater pressure, bearish momentum grows. Potential lower targets are 148.75 and 148.50 levels.
The post USDCHF Forecast: Will We Retreat Below 0.87400 Level? appeared first on FinanceBrokerage.
