- On Thursday morning, the USDCHF pair retreated to the support level of 0.88200.
- 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 support level of 0.88200. A new weekly high was formed there, after which we gained that support and stopped the further pullback. The pair starts a new bullish consolidation from there and recovers to the level of 0.88980 this morning. We now have support from the EMA 50 moving average and we expect a new bullish move.
The higher potential targets are 0.89000 and 0.89200 levels. Additional resistance could be found at the 0.89200 level on the 200 EMA. For a bearish option, we need a negative consolidation and a pullback of USDCHF below the 50 EMA and 0.88600 levels. Therefore, we move below the daily opening price and move towards the bearish side. The pair will be under more pressure to continue further declines. The lower potential targets are 0.88400 and 0.88200 levels.
USDJPY Chart Analysis
On Thursday, USDJPY formed a new July low at the level of 155.36. After that, we managed to consolidate there and started the recovery. The pair returned above the EMA 50 moving average and the level of 157.00 already in the evening hours. With new support this morning during the Asian session, we were looking at a continuation on the bullish side up to the level of 157.85. We stopped there for now and are currently consolidating at the level of 157.20.
Here, we retest the 50 EMA moving average and expect its support to continue on the bullish side. Possible upper targets are the 158.00 and 158.20 levels. We need a negative consolidation and a pullback of USDJPY below the 157.00 level for a bearish option. This takes us to the bearish side and we can expect to see a further pullback. Possible lower targets are the 156.50 and 156.00 levels.
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