GBPCHF has been on a strong uptrend with no significant retracements. Furthermore, this pair has recently experienced some rejection of the upper resistance line and appears to be struggling to move upwards.
I have placed my short in the following location. First target is as indicated. Large volume coinciding with the pinbar candle indicates a possible reversion...
Price currently respecting the 50 EMA along with a very significant support area.
It appears that selling pressure has eased, so I am looking at a long for the time being with stops below the minor support area beneath. This minor support area may also prevent more selling pressure. MACD appears to be about to make a cross to the upside.
Volume as indicated was relatively strong on the previous candle with very little movement after the large bearish candle.
Move down has most likely been exhausted for the time being, with a possible counter trend trade to the long side. I am targeting the .382 fib retracement, placing a stop a little below the support area.
1. Strong support area below entry...
NZDJPY has hit a critical support area and is currently edging up. Rejection of attempts for price to go lower shows that buyers are beginning to force the market up.
The Japanese Yen's current rally has stalled out and appears to be headed for a retracement. UJ appears to be ready for a reversal along with other major JPY pairs.