Chfjpylong
CHFJPY approaching resistance, look out for potential reversal!
CHFJPY is approaching its resistance at 109.564 where it is could reverse down to its support at 109.145.
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FREE ANALYSIS ON CHFJPY - 26/06/19Welcome to @SiriusTrading, Check out my Free analysis on Forex and Crypto. Follow me for regular Analysis and dont forget to LIKE :)
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30 Min
This time Frame is supporting a bearish move. Price could test previous top before continuing down
2 HOUR
We are seeing a correction of price from the previous bearish move which started 12th April. Also Price is testing the Fib retracement level of 61.8%
4 HOUR
Bearish and its imminent. Thou Price is above WMA100, EMA150 and MA200 which could suggest a bullish move, i am still expecting a move down. wait for break in black line before joining in. 2 types of bearish divergence also found.
OVERALL
Expecting Price to drop
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CHFJPY Broke out of the range! CHFJPY broke a key resistance level and could now continue higher. Now the break out is just on one daily candle so that does not mean we go bananas on the longs without waiting for a correction down :) So look for a bullish flag on 1-4H TF or a deeper correction. Good Luck!
CHF/JPY Trying For Steeper Uptrend June 21st CHFJPY closed above the ascending channel at the resistance at a price of 109.894. Heikin Ashi candles show the 21st candle closing above the channel. Today June 23rd price opened above the channel at 109.846 confirming the breakout above the ascending channel causing a steeper slope to the uptrend. MACD shows promising upside potential as buying power crossed on June 20th two days after price hit the bottom of the channel. RSI is above average strength but still well away from being overbought.
-LNP Investments
CHFJPY FOR THE BULLS CHFJPY is currently looking good for a bullish move. In my previous mark up, i mentioned i would be keeping an eye on how price reacted around a daily timeline i plotted. ( I have attached that mark up below) As you can see, price broke above that trendline and continued to move higher until we reached a point of resistance where price as i would see it retraced. I marked the 50% retracement level with the grey horizontal line where we may see price move higher toward our take profit marked at the green line.
Always note that as price moves i.e retraces more to 0.618 the take profit would be adjusted accordingly and this is the case with all my mark ups.
Grey line- Entry
Green line - Take profit
Red line - Stop loss
Risk per trade - 1%
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