Short position for the last move of the impulse wave, as we can see the 2nd wave has deep correction we expect wave 4th to retrace around 38.2-50%, if wave 4 is completed we can expect another move downward. The ratio is 2:1 so it is worth a shot
CADCHF is now undergoing the impulsive move, as we see the w.2 is flat correction can we expect the w.4 to be sharp correction. We expect the price the bounce to the purple area and then continuing downwards Also in 1hr chart we can see the stoch making a divergence HH/LH .
USDJPY is currently almost finish w.5 in the third wave move of the higher degree and now the price is struggling to break through the 1.618 fibo level. WE also see the bearish divergence as it is HH with the RSI says LH.
USDJPY is having a complex pattern flat x flat x flat in which is now going into the wave C of the last flat. If we zoom in wave C contains 5 wave move and almost finish with the 3rd wave as it approaches the fibo level of 1.681. Now we are waiting for the retracement to of wave "iv" which should come down to the the fibo level of 0.382, we can use this...
The currency came to the Strong support which has been tested many times. This could be the reversal to the bullish side, because one the RSI shows the higher low, and hanging man is formed follow by the bullish engulfing. This could be a good opportunity to buy. The profit could be around the 83.00 because this is the resistance, the pair might come up to this...
The currency now came up to the major resistance which holds for multi-years. The currency had tried to break through but get rejected, and now came up retest. The double top formed, and the RSI indicated that lower low right now.
The resistances at 0.618 of Fibonacci, which is the golden ratio has been tested multiple times, plus there is a bearish divergence signal from RSI. The target is 50 pips below and stop loss is 50 pips above which is 1:1 ratio.
However USDCHF is still in the uptrend there is a possibility of retracement at 0.93880 before continuing in the uptrend.