CHFJPY short trade
Bias
Bearish
Fundamental Analysis
CHF is turning more bearish as all datas are worse. JPY on the other hand is turning bullish due to global interest rate reducing
Price Action:
Price broken out of H1 support level and rejection from H4 resistance level. Price is likely to head lower to swing low.
Confluence:
Higher TF (W/D/H4) - H4 resistance level. Broke of double top pattern. RSI for H4 went below 50
Lower TF (H1/M30/M15) - Broke of H1 support level. broke of H1 double top pattern. RSI for H1 went below 50
Set up:
Short setup - at H1 broken support level of double top neck level.
SL - swing high of last H1 high.
TP next swing low of H4. R:R 1:4.
Bearish
Fundamental Analysis
CHF is turning more bearish as all datas are worse. JPY on the other hand is turning bullish due to global interest rate reducing
Price Action:
Price broken out of H1 support level and rejection from H4 resistance level. Price is likely to head lower to swing low.
Confluence:
Higher TF (W/D/H4) - H4 resistance level. Broke of double top pattern. RSI for H4 went below 50
Lower TF (H1/M30/M15) - Broke of H1 support level. broke of H1 double top pattern. RSI for H1 went below 50
Set up:
Short setup - at H1 broken support level of double top neck level.
SL - swing high of last H1 high.
TP next swing low of H4. R:R 1:4.
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