olly48

CHF/JPY to Retrace

Short
FOREXCOM:CHFJPY   Swiss Franc / Japanese Yen
Due to the chaos caused in the markets this week by the Reddit group/Gamestop stock buying there have been big unexpected moves that have ruined some ideas on here. This is one of the lesser affected currency pairings as they are both safe haven currencies, but CHF is more so than JPY, that is why it moved in the direction it did.

From here we can expect this to retrace down to support to at least the 0.382 Fibonacci level which aligns with the previous resistance level . This could climb a bit higher before turning back, I have marked out the previous peak with the blue line, this is where this could reach before turning back but I expect it to turn back before this level. Wait for the confirmation of a pullback before entering the trade, use MACD and EMA's and 1HR timeframe to see a sign of a retrace before shorting.

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