USDCHF and USDJPY: USDCHF climbed back above the 0.87000
The pair USDCHF received support yesterday at the 0.85515 level, and with a bullish impulse, it rose to the 0.87000 level.
Early this morning, we had news from the Bank of Japan that they would leave the interest rate at -0.10%, which led to great market volatility.
USDCHF chart analysis
The pair USDCHF received support yesterday at the 0.85515 level, and with a bullish impulse, it rose to the 0.87000 level. During the Asian trading session, we managed to stay in that zone, and with another impulse, it rose to the 0.87365 level.
We are now seeing a slight pullback to 0.87000 from that level, and here we are trying to gain new support. We need a breakthrough above the 0.87500 level and stay above it in order to consolidate at that level. Potential higher targets are 0.87750 and 0.88000 levels.
We need a negative consolidation and a drop to the 0.86500 support level for a bearish option. Additional support at that level could be the EMA50 moving average. Potential lower targets are 0.86250 and 0.86000 levels.
USDJPY chart analysis
Early this morning, we had news from the Bank of Japan that they would leave the interest rate at -0.10%, which led to great market volatility. Oscillations on the chart were up to 300 pips in that hour, and such a picture tells us about the market’s indecision in which direction it will go.
We need a positive consolidation and a move above the 140.00 level for a bullish option. After that, we need to stay up there, and if it succeeds in that intention, we could start a further recovery and rise in USDJPY. Potential higher targets are 140.50 and 141.00 levels.
We need a negative consolidation and a drop to 138.50 levels for a bearish option. After that, the pair would be under a lot of pressure, leading to a continuation of the retreat. Potential lower targets are 138.00 and 137.50 levels.
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