CHFJPY approaching resistance, potential drop!
CHFJPY is approaching our first resistance at 115.27 (horizontal pullback resistance, 23.6% Fibonacci retracement, descending channel resistance) where a strong drop might occur below this level pushing price down to our major support at 113.32 (horizontal overlap support, 50% Fibonacci retracement, 61.8% Fibonacci extension).
RSI (89) is seeing a bearish exit and we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (89) is seeing a bearish exit and we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
Disclaimer
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.