chfjpy bounce?
Updated
The pair has recently broken out of a downwards channel and had a small rally, but quickly hammered down by bears. The pair is looking to retest the 61.8 fib, horizontal resistance & trendline resistance at around 112.3
Pair is nearing oversold regions on the 4hr and daily. A close below this support will be really bearish, as there is no near-term support in sight. In that case i will wait for the pair to retest the trendline support now turned resistance, then look for sells.
Note that the pair is trading below the 200day ema, but not a confirmed downtrend yet. Fundamentally, yen and chf are both safe-haven currencies so i have no bias.
Pair is nearing oversold regions on the 4hr and daily. A close below this support will be really bearish, as there is no near-term support in sight. In that case i will wait for the pair to retest the trendline support now turned resistance, then look for sells.
Note that the pair is trading below the 200day ema, but not a confirmed downtrend yet. Fundamentally, yen and chf are both safe-haven currencies so i have no bias.
Note
Placed a buy order at 112.0, with a very tight SL at 111.8. RSI divergence signal less bearish momentum. My 1st target is the 38.2 fib retracement of the impulse wave, then the 50.Note
Trade triggered, have waited for this pair for days. Hopefully the bulls defend the 112 zone. My initial target is 114.2, final target is the trendline resistance.
Note
Pairs with yen crosses are mostly testing yearly trendline support, and the franc is due for a big correction after its major weakening. Redrawn my trendline and re-entered the trade at 111.6 after SL hit, with a bigger position size.Its impt that we get a doji or a hammer candlestick close to start next week.
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