Prive has broken our downward trend line, showing us bullish momentum.
Currently price is consolidating.
Possible scenarios:
Price may come down and re-test the broken trend line
Price may come and test support
Higher timeframe analysis suggest we have bullish momentum
A break and close of the downward trend line acting as resistance will give us buy opportunities. price may obey the downward trend line to re-test our upward trend line
Currently we are stuck in a range.
If price can break support of 1.08520 we may see another bearish leg.
A break and close below support as well as the upward Trend line is vital fora short bias.
Higher timeframe analysis suggests bearish momentum.
CHFJPY is currently forming a head and shoulders pattern. look for a sell entry.
TP should be at 109.618
Head and shoulders will be confirmed once the next line has been broken at support zone of 112.656.