CHFJPY analysis 1 hour timeframe
Updated
Today's positive PPI data for CHF added it strength to test the 50% fib level again, as well as test the trend line again.
BoJ gradual shift to more stable monetary policy from Kuroda's more aggressive stimulus should ease off the pressure from the JPY.
Since both currencies are safe haven, though JPY much more so than CHF, Looking at fundamental news about the dollar and world events to identify risk-on/risk-off shfts could provide an idea for future direction for the pair.
A break through 50% could be the buy signal with stop loss below the level and target below the 61.8% fib level. Equally a test of the level can be traded on the short side as a bounce from the level, pay attention to RSI to spot a divergence.
Happy Trading!
BoJ gradual shift to more stable monetary policy from Kuroda's more aggressive stimulus should ease off the pressure from the JPY.
Since both currencies are safe haven, though JPY much more so than CHF, Looking at fundamental news about the dollar and world events to identify risk-on/risk-off shfts could provide an idea for future direction for the pair.
A break through 50% could be the buy signal with stop loss below the level and target below the 61.8% fib level. Equally a test of the level can be traded on the short side as a bounce from the level, pay attention to RSI to spot a divergence.
Happy Trading!
Note
Japan suspects its GDP for first quarter has fallenNote
Trendline and 50% level brokenNote
First target hit at 61.8%. Tonight preliminary GDP data for Japan comes out.
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