In my previous post i highlighted that CHFJPY had the potential to continue moving bearish. However since then , price moved higher than anticipated and is currently trading at 0.618 fib retracement level of the entire bearish move downward. I see potential for this pair to continue moving bearish as it is currently testing and trading a daily trendline with bearish divergence evident. Having said that, the Swiss Franc has also reached a critical point of resistance from where we may see price move down bearish.
I will be keeping an eye on price action and how the close of the 4hr candle.
Green line - TP
Red line - SL
Grey line - Entry
Hit that follow button ! :)
I will be keeping an eye on price action and how the close of the 4hr candle.
Green line - TP
Red line - SL
Grey line - Entry
Hit that follow button ! :)
Trade closed manually:
Price broke out of that trendline and the setup in my option has shifted to Bullish.
