A sell trade is possible for CHFJPY on 1H TF, looking at the following observations:
1) the W pattern is complete, the price action is already in the highly probable reversal zone (cyan coloured zone).
2) the RSI divergence is formed.
3) double top is also getting formed which can push the price action downward.
The TP levels are (according fib levels):
- TP1: 113.84 (23.6 fib level confluence with 200 MA)
- TP2: 113.68 (38.2 fib level confluence with 100 MA)
- TP3: 113.56 (50.0 fib level)
- TP4: 113.43 (61.8 fib level)
If you do like this idea, please hit the like button.
Disclaimer: This is not a signal, this analysis is for educational purpose only. Please do your own technical analysis and get into the trade with your own risk when you find a valid entry.
1) the W pattern is complete, the price action is already in the highly probable reversal zone (cyan coloured zone).
2) the RSI divergence is formed.
3) double top is also getting formed which can push the price action downward.
The TP levels are (according fib levels):
- TP1: 113.84 (23.6 fib level confluence with 200 MA)
- TP2: 113.68 (38.2 fib level confluence with 100 MA)
- TP3: 113.56 (50.0 fib level)
- TP4: 113.43 (61.8 fib level)
If you do like this idea, please hit the like button.
Disclaimer: This is not a signal, this analysis is for educational purpose only. Please do your own technical analysis and get into the trade with your own risk when you find a valid entry.