Support levels at 147.55 for potential rebound in CHFJPY
The USDCHF pair has broken out of a 7-month downtrend channel, indicating a potential shift towards an uptrend. This breakout is confirmed by breaking through two resistance levels:
the March 2023 resistance level of 147.550 and the November 2022 resistance level of 148.850.
On the 4-hour chart, the price has reached 149.550 and is forming a double top pattern with a bearish divergence on momentum indicators, suggesting a possible price correction. Waiting for the price to reach the previous support zone at 147.55, where there is an ascending trend line, the 50-period moving average on the 4-hour chart (and 200 on the hourly chart), Fibonacci levels of 38.20 and 50, is expected to trigger a bounce-back to above 150.
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the March 2023 resistance level of 147.550 and the November 2022 resistance level of 148.850.
On the 4-hour chart, the price has reached 149.550 and is forming a double top pattern with a bearish divergence on momentum indicators, suggesting a possible price correction. Waiting for the price to reach the previous support zone at 147.55, where there is an ascending trend line, the 50-period moving average on the 4-hour chart (and 200 on the hourly chart), Fibonacci levels of 38.20 and 50, is expected to trigger a bounce-back to above 150.
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Let me know your thoughts in the comments, and show your support by liking the idea.
Please follow if you're interested in more ideas like this.
Your support is greatly appreciated!