Counter trendline broken, now waiting for a break & retest of the supply level for entry. Price bounced off its weekly ascending trendline as well. Price forming a new trendline now, & should continue to the upside after rejecting key level support.
D1 - Price reached uptrend line, hidden bullish divergence formed.
H4 - Bullish divergence.
H1 - Multiple false breaks, alternative trend line false break, bullish divergence. The price has broken above the downtrend line and also it has currently broken above the middle point at 115.186.
We can now join the bulls aiming the price to reach the target zones...
The Swiss Franc has been trading in an ascending channel against the Japanese Yen after hitting the lower boundary of a dominant channel on January 10. However, the rally was stopped by the monthly pivot point at 118.64.
After reaching the monthly high at 118.64, the currency pair has been trading in a channel down.
The dominance of bears over the currency...
CHFJPY looking good to entry short, looking at the ascending triangle price has been respecting the horizontal lines perfectly and now it's time to break to the downside of the triangle. Looking at news on the JPY as a catalyst of this breakout.
Goodluck!
CHFJPY is testing major support at 115.89 (Fibonacci retracement, horizontal overlap support, Fibonacci extension, Elliott wave structure) and a bounce could occur at this level to drive price up to at least 117.05 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (55,5,3) is seeing major support above 1.5% where a corresponding bounce...
Buy above 115.90. Stop loss at 115.44. Take profit at 117.10.
Reason for the trading strategy (technically):
Price is testing major support at 115.90 (61.8% Fibonacci extension, horizontal overlap support, Fibonacci retracement) and we expect a strong bounce from this level to push price up towards 117.10 resistance (50% Fibonacci retracement, horizontal...
hi all
this pair looks to start down trend . closing below the triangle will confirm it .. am looking for re-buying in 109.4 . this was a gab in 21 April
at all both of currencies are belongs to gold and effected by this metal
may you please follow me
I called this earlier on my free telegram, currently up 90+ pips. Approaching a critical zone, 75% of our profits have been taken with stops moved into profit. Reaction at this zone would warrant further entries for people who are and aren't in the trade.
