Bullish target for CHFJPY at 114.77,
but pay attention on resistance 1 at 114.09 if this level can hold uptrend and create reversal, bearish target at 112.26 as support level
With price moving down for 4 consective weeks, I have joined in the short.
However, current price is a bit low on short,
Price seems to be currently forming a small channel.
I hope i am not shorting into support, in which I believe this support is meant to be broken in due time.
It seems to be the neckline of a large 1 yr descending triangle.
Our Unique Forex Algorithm is looking at CHFJPY. This pair has seen a recent pullback from its move up over the past few weeks. This pullback may have put in a short-term bottom and may be setting up for a move higher. Please refer to the chart for more information.
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This link () shows side-by-side chart with weekly on left panel and 4-hour on the right panel. Price is moving up and through the weekly Kumo and is looking at good support here. CMO suggests 4-hour is oversold within the context of strong larger trend.
CHF/JPY is consolidating in a controlled pattern, but more importantly the chart is telling a very detailed story that will help us determine where it could potentially go. With that being said, I believe the CHF/JPY wants to continue to go higher.
All in all this chart is a fairly clean bull flag, but what has happened inside the flag is what really catches my...
Idea is based on a combination of Elliot Wave theory and median line analysis. The rationale behind this technical analysis is shown on the chart along with specific targets and stop loss.
Breakout and retest out of rising wedge, also a break of 200MA. Already short on the retest, however i need another confirmation (close below greyed area above PP) to add another short. Target S1.
This currency pair is ridden with failures as regards the bullish price action that it comes quite naturally to expect further decline and new lows. There are two overarlapping action-reaction structures in work, both of them concurring with regard to the reaction line. In other words, two balance lines and two action lines point to the same reaction line. There...
