Falling wedge pattern in CHFJPY; there is a possibility of testing the lower trend line. Traders are suggested to go short at current price with the target of 107.24.
Stop Loss: 110.28
A completion of sell target can bring a reversal and open up the opportunity of buy position as shown in the chart.
. There is a possibility of temporary retracement to suggested support line (107.87). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. CHFJPY is in a range bound and the beginning of uptrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance....
The recent downswing in the counter has pushed the prices into a strong demand zone.
Previously when the price entered these zones, it changed the status quo in the counter.
Hence, we expect the pair to take support here and move to the supply zone.
After making a false breakout at the trendline, the pair rose steeply.
Now, it is at a strong supply zone, owing to which price has reversed in the near-term.
Also, the RSI indicator is perched at the 70 level mark.
Hence, a profit booking rally is imminent in the counter if at all a trend reversal.
The next support zones are the price action support at 111.399...
The zone of 111.947-112.126 provides a hard resistance to the pair.
Also, the pair has formed an ascending triangle pattern, which means that there is one leg of down move due in the counter.
Hence we expect the pair to move to the supportive trendline for now.
The falling prices have found support at the long term trendline in the 4-hour chart.
To confluence the support, a bullish pinbar has also formed indicating the resurge in bullish bias.
Hence, we expect the pair to move to resistive trendline for now.
The steep rally in the hourly chart ended, with the break of a trendline.
The pair then rallied back and tested the broken trendline. The trendline provided a strong resistance and pair formed a lower high formation.
Now it has crossed the a strong support at 111.124 which adds to it woes and hence we expect the pair to continue the bearish momentum further.
CHF/JPY is in an uptrend in the hourly charts.
It is forming higher highs consistently with the aid of an immediate trendline.
Hence we expect the pair to take support at the trendline and continue its momentum.
ChfJpy showing going long
because on the chart we see market is not going down for two days only playing around support
We think it will go for resistance
sl is more down then profit so check risk and trade
CHF/JPY, after a steep fall, consolidated in a tight range.
After consolidation, it made a bullish breakout which hints a trend reversal.
Hence, we expect the pair to move to the resistance at 111.137.