11.10.2021 07:27 AM
CHFJPY facing bearish pressure, drop incoming!

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CHFJPY is approaching the upper resistance of the ascending price channel in line with 1st resistance at 121.675 in line with Horizontal swing high and 100% Fibonacci extension . Price is likely to reverse off from 1st resistance at 121.675 in line with Horizontal swing high and 100% Fibonacci extension to take 1st support at 120.242 in line with 23.6% Fibonacci retracement and 78.6% Fibonacci extension level. Our bearish bias is further supported by how Stochastic is approaching resistance where price dropped in the past. Otherwise price may bullish towards 2nd resistance at 122.506 in line with -27.2% Fibonacci retracement and 127.2% Fibonacci extension.

Trading Recommendation

Entry: 121.675

Reason for Entry:

Horizontal swing high and 100% Fibonacci extension

Take Profit: 120.242

Reason for Take Profit:

23.6% Fibonacci retracement and 78.6% Fibonacci extension level

Stop Loss: 122.506

Reason for Stop Loss:

-27.2% Fibonacci retracement and 127.2% Fibonacci extension

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Autore: Dean Leo
04:56 2023-05-29 UTC--4
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The EUR/USD chart is demonstrating bearish momentum with a potential for further downward movement. In the short term, a rise towards the first resistance level of 1.0806 is expected before a possible reversal towards the first support level at 1.0695, which serves as an overlap support. A second.
Autore: Dean Leo
04:50 2023-05-29 UTC--4
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Autore: Dean Leo
04:49 2023-05-29 UTC--4
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