Breaking News

CHF/JPY Potential Upward Movement

CHF/JPY Long-Term Trend: Bullish

Key Resistance Levels: 118.55, 119.18, 119.95

Key Support Levels: 117.89, 117.17, 116.16

Daily Chart:

The price on the higher time frame is trading inside a parallel channel that is made by a resistance and support with price levels of 116.16 & 117.91 USD respectively. A breakout occurred on the higher end of the channel where we expect that the price will extend higher after posting a correction.

CHF/JPY Medium-Term Trend: Bullish

1-hour Chart:

On the 1-hr time frame, the price is trading inside a bullish channel. The pair is posting a correction count now in the form of a bullish flag formation. The price is heading toward an area of confluence which is made by the 50% Fibonacci retracement and the strong support around the 117.91 USD mark.

Signal Idea:

Buy Limit Order @ 117.91

TP 1 @ 118.52

TP 2 @ 119.18

Stop Loss @ 117.63

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download My Free Robot

Get your Robot Now!

Free Robot!