Hi Guys. Watch bottom for long. Good luck. Please support the setup with your likes, comments and by following on TradingView.
NOTE: Looks like a corrective structure is making, still too early to tell but very soon we will see.
CHFJPY has been moving correctively for some time.
For now ignoring any short plays.
Wanting to catch the next wave up.
Here are two options.
1- Wait for price to aggressively break out from where it is currently and
wait for smaller TF correction before entering.
2- Hold out for another move down and get in after price breaks the lows.
CHFJPY is approaching its resistance at 110.753 (0.618 Fibonacci retracement) where it could potentially reverse to its support at 108.421
Watch out for the break in the black trend line as this could leads us back to its support of 108.421
See previous analysis
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Looks like as we are approaching the key support trendline ( view my last idea ) we are forming a falling wedge pattern on the 1hr. This could be a good sign pointing to a move higher in price. Looking for a strong break and close of the wedge would be good to see here.
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CHFJPY is setting up to make a crucial descision in the next few days. We are approaching a key support trendline and the interaction we get will be important. There are two ways of drawing the support line so I posted them both and you guys can determine which one you like better. If we are going to move up, we will probably form some type of reversal pattern...
CHFJPY-H4 - Potential The "Three Hills and A Mountain"
Trade: The first trade occurs on the close below the trend line. The second trade occurs after
completion of a 62% retracement to the downside-"AB." The second trade is a "long" trade
Target: The first trade target (Short) is 62% of prior swing length-"AB." The second trade
target is from the "C"...
Things I like:
-Divergence on the 1HR
-Top of the Bullish Channel
-Bearish Bat pattern complete
Things I don't like:
-Not enough red candles, haven't really seen price slow down.
- Would like to see some sort of a double top or reversal pattern on the 15min
Still have bearish bias overall on S&P, and unlike JPY, CHF isn't much affected with market pricing in the possibility of another Fed rate hike this December. Setting up buy stop order few pips above the base pivot level in the daily chart (@114), with TP near 115 (100 fib level) and SL @113.45 (few pips below 0 fib...