Market Instrument: CHFJPY
Timeframe: H4
Analysis: Technical
Structure: Trend Breakout and Pullback
Prediction: Bearish
The recent bull trend formed followed a breakout on its trend line and now we see a pullback formed back towards the supply area which helped the trend breakout and the sell-off. If this pullback goes for a weak bull pressure we may see a nice drop back towards 50-61% of fib levels on the recent bull trend. While the fact current price for CHFJPY is holding a major weekly and monthly supply area which supported a strong decline in prices.
Timeframe: H4
Analysis: Technical
Structure: Trend Breakout and Pullback
Prediction: Bearish
The recent bull trend formed followed a breakout on its trend line and now we see a pullback formed back towards the supply area which helped the trend breakout and the sell-off. If this pullback goes for a weak bull pressure we may see a nice drop back towards 50-61% of fib levels on the recent bull trend. While the fact current price for CHFJPY is holding a major weekly and monthly supply area which supported a strong decline in prices.
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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.