empty
 
 
08.12.2021 07:16 AM
CHFJPY Potential For Bounce | 8th Dec 2021

This image is no longer relevant

Prices are on a bullish momentum and abiding to our bullish trendline. We see potential for a bounce from our 1st support at 122.428 which is a graphical overlap and in line with 100% Fibonacci extension towards our 1st resistance at 123.135 which is an area of Fibonacci confluences. Breaking the 1st resistance will find prices climbing further towards our 2nd resistance at 123.421 in line with 161.8% Fibonacci projection. Technical indicators are also showing bullish momentum. Alternatively, our stop loss will be placed at 2nd support at 122.079 in line with 127.2% Fibonacci extension.

Trading Recommendation

Entry: 122.428

Reason for Entry:

Graphical overlap and area of Fibonacci confluences

Take Profit: 123.135

Reason for Take Profit:

Area of Fibonacci confluences

Stop Loss: 122.07

Reason for Stop Loss:

127.2% Fibonacci extension

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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 $8000 more!
    In March we raffle $8000 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
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 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