CHFJPY: Trend Channel Collapse Signals Bearish Shift

7 days ago

Trend Channel Breakdown: The chart clearly shows a previously established upward trend channel that has been decisively broken to the downside. This indicates a potential shift in momentum from bullish to bearish.
Key Levels:
The 169.328 level has been breached, suggesting it may now act as resistance.
Potential support levels are identified at 167.656 and the low of 166.607.
Bearish Momentum: The sharp downward movement following the trendline break suggests strong bearish momentum.
Timeframe: The 1-hour timeframe focuses on short-term price action.

6 days ago

Note

Following our analysis on the CHFJPY chart, we've entered a sell trade which is now running +72 pips. The breakdown from the rising channel suggests further bearish momentum.

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