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CHF/JPY Potential Upward Movement

CHF/JPY Long-Term Trend: Bullish

Key Resistance Levels: 122.36, 122.65, 123.00

Key Support Levels: 121.82, 121.44, 121.00

Daily Chart:

The price on the higher time frame is trading inside a bullish channel formation where it is posting higher highs and lows. Recently, the price violated and broke the daily resistance around the 121.82 USD (now support), and is retracing to it. Further movement to the upside might be seen in the same direction of the main trend.

CHF/JPY Medium-Term Trend: Bullish

1-hour Chart:

On the 1-hour time frame, the pair succeeded to break the bullish flag to the upside after finding buyers around the 61.80% Fibonacci level. A lower correction is expected before a rally toward the target profit mentioned.

Signal Idea:

Buy Limit Order @ 121.93

TP 1 @ 122.34

TP 2 @ 122.65

Stop Loss @ 121.77

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.

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