The move and pull back on the CHFJPY has painted an interesting picture of what might happen next. You can see the pullback on 18th June was preceded by a consolidation that failed to break the 76.4% and 61.8% convergence of the Fibonacci retracements. these same convergence figures are showing strong resistance at 50% and 38% which are directly on top of each other. the 161% fib extension from the (A) to (B) move takes a breakout to (C) I would then like to see a retracement back to the 38 & 50% fib convergence and strong support in play. This will be my buy position for an early breakthrough of the 15th June high.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.