Price looking likely to form a falling wedge pattern on the daily timeframe although we can expect one more push to the downside before we see any signs of a breakout. simple correction play where our potential entry could be, which is a lot clearer on the 4hr & 1hr timeframes.
CHFJPY has reached the weekly bearish TL for a 3rd touch. This aligns with the 0.618 fib retracement level at around 110.310
The 1hr bullish TL has been broken and price has retested and rejected it from below to form a lower high.
I am targeting the daily fib level around 109.00 to give an R:R of more than 5:1
Here we can see heavy resistance around the 110.400 region. I personally entered short positions on this after seeing the exhaustion presented to us on the H1 time frame around 7pm - 1am here in London. A much safer entrance would have been at the closure of 2am H4 candle as you may notice the shooting star formation emerging. With my riskier entry I did however...
FX:USDCHF, FX:GBPCHF, FX:EURCHF, FX:CHFJPY
Geo-political tensions support CHF pairs.
Here is our latest analysis on the short term outlook of CHF pairs.
The franc continued to gain support during Thursday despite net gains in global equity markets.
Expectations of dovish policies from the Federal Reserve and ECB were important in underpinning the Swiss...
Intraday long trade set up on CHFJPY.
I am long from the lows at 108.300 and I am looking to buy on the intraday higher lows. Price has reached some resistance at this current level and I am predicting a little pullback down to the 1hr bullish trendline.
A higher low, rejection of the previous resistance and fib 0.618 level would be ideal for a scale in position.