CHFJPY, POSSIBLE SELL OPPORTUNITY COMING
Monthly:
Price is rejecting the weekly highs and the descending trendline.
Weekly:
It is forming a bearish W and price is already rejecting the 61.8% of the daily fib.
Daily:
Price could be forming a H&S pattern to confirm more downside momentum.
The 61.8% of the daily fib is also aligning with the possible right shoulder.
4H:
We should wait for deceleration on the zone of interest or a change in structure from bullish to bearish after price reaches the zone of interest.
Price is rejecting the weekly highs and the descending trendline.
Weekly:
It is forming a bearish W and price is already rejecting the 61.8% of the daily fib.
Daily:
Price could be forming a H&S pattern to confirm more downside momentum.
The 61.8% of the daily fib is also aligning with the possible right shoulder.
4H:
We should wait for deceleration on the zone of interest or a change in structure from bullish to bearish after price reaches the zone of interest.
Comment:
Monthly:
Weekly:
Daily:
4H:
Trade active:
There was a good opportunity for a buy position but the sell is not there yet because it is too impulsive to the upside so we have to wait.