USDCHF and USDJPY: The USDJPY dropped to a new low
- On Thursday morning, the USDCHF pair retreated to the 0.88200 support level.
- On Thursday, USDJPY formed a new July low at the 155.36 level.
USDCHF chart analysis
On Thursday morning, the USDCHF pair retreated to the 0.88200 support level. A new weekly high was formed there, after which we got that support and stopped the further retreat. The pair initiates a new bullish consolidation from there and recovers to the 0.88980 level this morning. We now have support from the EMA 50 moving average and hope for a further bullish move.
Potential higher targets are 0.89000 and 0.89200 levels. Additional resistance at the 0.89200 level could be found in the EMA 200 moving average. For a bearish option, we need a negative consolidation and pullback of USDCHF below EMA 50 and 0.88600 levels. Thus, we move below the daily open price and move to the bearish side. The pair will be under more pressure to continue with further declines. Potential lower targets are 0.88400 and 0.88200 levels.
USDJPY chart analysis
On Thursday, USDJPY formed a new July low at the 155.36 level. After that, we managed to consolidate there and start the recovery. The pair returned above the EMA 50 moving average and the 157.00 level already in the afternoon hours. With new support this morning during the Asian session, we were looking at a continuation to the bullish side all the way to the 157.85 level. We stopped there for now and are currently consolidating at the 157.20 level.
Here, we retest the EMA 50 moving average and hope for its support to continue on the bullish side. Potential higher targets are 158.00 and 158.20 levels. We need a negative consolidation and pullback of USDJPY below the 157.00 level for a bearish option. This turns us to the bearish side, and we can expect to see further pullback. Potential lower targets are 156.50 and 156.00 levels.
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