08.04.202111:21 Forex Analysis & Reviews: CHFJPY facing bullish pressure, potential for further bounce!

Exchange Rates 08.04.2021 analysis

Prices are facing bullish pressure from horizontal swing low support, 61.8% FIbonacci retracement and 127.2% Fibonacci extension. Prices might push up towards 1st resistance which is in line with horizontal swing high resistance and 78.6% FIbonacci extension. If prices fall through ascending trendline, prices might take support from 2nd support which is in line with swing low support, 78.6% FIbonacci retracement and 161.8% Fibonacci extension. The Ichimoku cloud is also below prices, showing a bullish pressure for prices.

Trading Recommendation

Entry: 117.736

Reason for Entry:

Horizontal pullback support, 61.8% Fibonacci retracement, 127.2% Fibonacci extension

Take Profit: 118.363

Reason for Take Profit:

Horizontal swing high resistance, 78.6% Fibonacci extension

Stop Loss: 117.375

Reason for Stop Loss:

Horizontal swing low support, 78.6% Fibonacci retracement, 161.8% Fibonacci extension

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert
InstaForex Group © 2007-2021
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