CHFJPY WEEKLY FORECASTHello Traders, Welcome to the CHFJPY Weekly Forecast
This week, we are focusing on the CHFJPY pair, which has been displaying a well-defined range between its key support and resistance levels over the past week. As last week closed near the resistance zone, our primary expectation is for the price to retrace and retest the support zone. This anticipated pullback is crucial as it may provide a solid foundation for the price to rebound.
Analysis and Expectations:
After testing the support zone, we foresee a potential upward movement. This bullish momentum could lead to a break above the current resistance zone. Upon breaking this resistance, we anticipate that the pair will establish the previous resistance level as a new support. This change in structure could pave the way for further upward movement, reinforcing the bullish trend.
Alternative Scenario:
However, it is important to remain vigilant. If the price action does not align with our expectations and fails to hold at the support level, the ensuing drop could be substantial. A significant fall might indicate a bearish sentiment prevailing in the market, leading to a deeper correction.
Conclusion:
In summary, our first perception of the CHFJPY pair is cautiously optimistic, with an initial pullback followed by potential upward momentum. Traders should monitor these key levels closely and adapt their strategies accordingly. Keep in mind the alternative scenario, where a failure to hold the support could result in a significant decline.
Stay tuned for further updates, and happy trading!
By Piptera Digital Solutions
