empty
 
 
14.07.2015 01:22 PM
CHF/JPY preparing to continue falling

After forming a double top reversal patter at 134 on June 22, CHF/JPY started to move lower resulting in a breakout of the descending channel. The pair found the bottom at 127.05 on July 08.

The Fibonacci applied to the ascending channel breakout point shows that S2 (128.08) support has been broken while a price rejected the R2 (131.29) resistance fter a correctional wave up. The upper trendline of the descending channel was rejected as well and now R1 is playing the role of the key resistance.

Consider selling CHF/JPY today while the price is near R1 targeting S3 (126.10), that is 0% Fibs. Only a daily close above R2 (131.29) should immediately change the downtrend into a short-term uptrend, but this scenario has a very low probability at this point.

Support: 129.30, 128.08, 126.10

Resistance: 130.30, 131.30

This image is no longer relevant

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback