Economy 22-03-2024 11:55 9 Views

USDCHF: Analyzing the Recent Rise to 0.90203 level

USDCHF and USDJPY

USDCHF: Analyzing the Recent Rise to 0.90203 level

  • We are currently looking at USDCHF at a new weekly high at the 0.90203 level. 
  • During this morning’s Asian trading session, USDJPY rose to a weekly high of 151.86. 

USDCHF chart analysis

We are currently looking at USDCHF at a new weekly high at the 0.90203 level. Yesterday’s news about the reduction of the interest rate by the Swiss National Bank from 1.75% to $1.50 caused the value of the Swiss franc to fall sharply. The dollar skilfully took advantage of this by jumping to new weekly levels. During this morning’s Asian session, the pair was successfully maintained above the 0.89800 level. After which it rose to the 0.90000 level.

Potential higher targets are 0.90300 and 0.90400 levels. For a bearish option, we need a pullback below 0.90000 first, then a test of this morning’s support at the 0.89800 level. By falling below, we go to a new daily low and thereby increase the chances for a stronger bearish option. Potential lower targets are 0.89800 and 0.89700 levels.

USDCHF Chart Analysis

USDJPY chart analysis

During this morning’s Asian trading session, USDJPY rose to a weekly high of 151.86. We are in a constant bullish trend since the start of this week at the 149.00 level. We had a little volatility on Wednesday afternoon when we first tried to reach the 152.00 level. We failed then, and the pair retreated to the 150.50 level.

We get new support there and start with a new bullish consolidation that pushed us to today’s high. Today’s low was at 151.25 and is holding us high for now. USDJPY is now at 151.60 and could easily reach the 152.00 level with another impulse. Potential higher targets are 152.10 and 152.20 levels.

USDJPY Chart Analysis

 

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