CHFJPY is testing major support at 115.89 (Fibonacci retracement, horizontal overlap support, Fibonacci extension, Elliott wave structure) and a bounce could occur at this level to drive price up to at least 117.05 resistance (Fibonacci retracement, horizontal overlap resistance). Stochastic (55,5,3) is seeing major support above 1.5% where a corresponding bounce...
Buy above 115.90. Stop loss at 115.44. Take profit at 117.10. Reason for the trading strategy (technically): Price is testing major support at 115.90 (61.8% Fibonacci extension, horizontal overlap support, Fibonacci retracement) and we expect a strong bounce from this level to push price up towards 117.10 resistance (50% Fibonacci retracement, horizontal...
CHFJPY is on the resistance level (118.250), no significant fundamental news for CHFJPY this week means it could be a safety trade for the week. 4hr candle also showing bearish engulfing might be a signal to enter short. Stop Loss just above the highest wick. TP1 to 117.600.
With CHF/JPY coming near fresh yearly highs after such a strong multi week push, its do for a reversal at the 118-119 zone. For the pattern traders we can see CHF/JPY presenting a huge ascending triangle for bullish long term momentum, in the mean time im looking to go short in expectations of price going back into consolidation. . If you take the time to zoom in...
strong bullish close has broken the resistance level at 116.2. our next target is 118, 140 pips from current level
Retested the resistance, might go for to retest the support before flying high.
The Swiss Franc was trading in a descending triangle against the Japanese Yen for seven months. This long-term pattern was breached mid-December when a short-term channel up prevailed, thus pushing the rate as high as the 116.10 mark by early January. Meanwhile, the massive plunge apparent during the previous trading session has sent technical indicators at low...
Here i have analyzed a short opportunity on the CHFJPY currency pair. This pair has found solid resistance at the 115.600 level and for that reason and with the current price action combined, I expect the sellers to be rewarded here over some time. I see 110.00 or beyond as my potential long-term target. Happy trading and leave a comment of what you think?
The two top risk off currencies have reached a critical level on the daily chart one against another. The pair recently bounced off the lower trend line a dominant pattern and moved to the resistance of a junior channel down. The resistance is strengthened by various additional resistance levels near the 114.50 mark. Due to that reason a decline down in the...
Clear 38.2% fibonacci retracement has formed in the chart. Also, MA50&MA200 has been rejected. We can expect a new bearish impulse at the breakout of the corrective structure.