Bullish Option for USDCHF: Jump Above 0.87800 level
On Friday, USDCHF retreated to the 0.87295 level.
During the Asian trading session, we saw a continuation of the USDJPY pullback from last week.
USDCHF chart analysis
On Friday, USDCHF retreated to the 0.87295 level. The dollar was under pressure, and a retreat followed against all other currencies. By the end of the day, the pair moved up to the 0.87770 level, where it closed the previous week. During the Asian trading session, we failed to move above and form a new high. Conversely, we retreated to the 0.87550 level.
For now, we are holding above, but we remain under pressure to start a further retreat. Potential lower targets are the 0.87500 and 0.87400 levels. For a bullish option, we need a jump above the 0.87800 level. Then, we would have to hold it higher to create a position for further recovery and the initiation of bullish consolidation. Potential higher targets are the 0.87900 and 0.88000 levels. Additional resistance in the 0.88000 zone is the EMA200 moving average.
USDJPY chart analysis
During the Asian trading session, we saw a continuation of the USDJPY pullback from last week. The pair reconfirmed last week’s low at the 146.48 level. For now, we remain low in that zone and are under pressure to slide to a new low. Potential lower targets are 146.40 and 146.20 levels.
We need a positive consolidation back above the 147.00 level for a bullish option. With that step, we return above the weekly open price and erase this morning’s loss. This forms a new bottom from which it would be much easier for us to start recovery. Potential higher targets are 147.20 and 147.40 levels. USDJPY will have additional pressure in the EMA50 moving average in the zone around 147.40 levels.
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