USDCHF and USDJPY: USDJPY found support at 151.93
- On Thursday, USDCHF retreated to the 0.87770 level, forming a new July low.
- Yesterday, the pair USDJPY retreated to a new July low at 151.93 level.
USDCHF chart analysis
On Thursday, USDCHF retreated to the 0.87770 level, forming a new July low. After that, the pair stabilized and initiated a bullish consolidation up to the 0.88160 level. During this morning’s Asian trading session, we continued to rally all the way to the 0.88400 level. Here, we find support from the EMA 50 moving average and expect to see further growth on the bullish side.
Potential higher targets are 0.88600 and 0.88800 levels. Additional resistance of the USDCHF is encountered by the EMA 200 moving average in the zone of 0.88800 levels. We need a negative consolidation and a descent to the 0.88000 support zone for a bearish option. A new visit to that zone would mean that we are under pressure again and that a drop below to a new daily low could occur. Potential lower targets are 0.87800 and 0.87600 levels.
USDJPY chart analysis
Yesterday, the pair USDJPY retreated to a new July low at 151.93 level. After a short consolidation in that zone, a recovery up to the 154.00 level was initiated. During this morning’s Asian trading session, the movement continued in the 153.40-154.10 range. With the start of the EU session, the dollar continues to strengthen, and the pair climbs to 154.45 levels. With this, we form a new daily high and expect to start further growth on the bullish side.
Potential higher targets are the 155.00 and 156.00 levels. A major resistance awaits us, around 156.00 in the EMA 200 moving average. For a bearish option, we need a negative consolidation and pullback of USDJPY below the 154.00 support level. A new descent below would confirm the dollar’s weakness and thus direct us to the bearish side. Potential lower targets are the 153.00 and 152.00 levels.
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