Euro is about to breach another barrier against the Japanese yen, and the US dollar is even more aggressive against the Swiss franc. We have chosen the two most exciting major forex pairs to trade in the upcoming time.
Enjoy our analysis and don’t miss out on the trading window!
SimpleFX EURJPY Chart Analysis: March 5, 2021
The 1H timeframe for the EURJPY currency pair shows the structure of a large uptrend that moves inside the green channel.
In the second half of January 2021, we saw a rebound in the price from the lower green line, after which the price began to rise, and at the end of February, it reached the upper green line but did not break it. This section describes a smaller yellow channel.
Now the market is located approximately in the center of the yellow channel.
If the price starts to rise and reaches the resistance level of 130.53, which is on the upper green wall, and then breaks it, then it will open the way to the upper yellow line and the resistance level of 131.79.
Otherwise, market participants can expect a depreciation of EURJPY to the support level of 128.83, located on the lower yellow line. If the specified level is successfully broken, the decline may continue to a lower support level, which is on the lower line of the green channel.
SimpleFX USDCHF Chart Analysis: March 5, 2021
The USDCHF currency pair forms a bullish trend that moves within a large green channel.
We can see that over the past two months, the price has been in the lower area of the green channel and has not risen higher. However, not so long ago, after the rebound from the lower green line, the bulls quickly led the market up within the yellow channel.
It is likely that the price growth will continue further, soon the market may reach the resistance level of 0.935, which is on the upper green wall. If this level is broken, the bulls will open the way to the next resistance level of 0.946, located on the upper yellow line.
Alternatively, the market may start to decline. The first target is the support level of 0.916, which is on the lower line of the yellow channel. And if this level is broken, we can expect the currency pair to continue to decline towards the support line of the green channel and the level of 0.896.
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