Get started
Tickmill

CHFJPY approaching support, watch for potential breakout!

Short
Swiss Franc / Japanese Yen (FX:CHFJPY)  
Tickmill Broker  
FX:CHFJPY   Swiss Franc / Japanese Yen
Trend Analysis Chart Patterns Harmonic Patterns CHFJPY chf jpy chfjpylong chfjpyshort Forex forextrading forexsignals
16
0
trendanalysis chartpattern harmonicpatterns chfjpy chf jpy chfjpylong chfjpyshort forex forextrading forexsignals
CHFJPY broke out of our short term ascending support-turned-resistance line and is approaching our first support at 111.21 (horizontal overlap support, 23.6% Fibonacci retracement). A breakout below this level might trigger a strong reaction and push price down to our major support at 110.76 (horizontal swing low support, 38.2% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
RSI (89) is also seeing a bearish exit in line with our bearish bias.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.

This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.