CHFJPY
Updated
Swiss Franc / Japanese Yen is overbought on daily timeframe and making itself prepared for a retracement with the following reasons:
Fundamental:
Dollar Strength: Analysts point to a possible bearish Elliott Wave pattern in the Dollar Index (DXY) which might translate into weakness for CHFJPY. The Swiss Franc often moves in line with the Dollar.
Technical:
Bearish Divergences: Some analysts see signs on the hourly chart that could indicate the recent CHFJPY rally is losing steam. These bearish divergences might suggest a potential sell-off if prices fall below a previous low.
Sentiment:
Overall Bearish Market: There's a prevailing sentiment that the broader market is leaning bearish, which could lead to a pullback in CHFJPY along with other currency pairs.
Fundamental:
Dollar Strength: Analysts point to a possible bearish Elliott Wave pattern in the Dollar Index (DXY) which might translate into weakness for CHFJPY. The Swiss Franc often moves in line with the Dollar.
Technical:
Bearish Divergences: Some analysts see signs on the hourly chart that could indicate the recent CHFJPY rally is losing steam. These bearish divergences might suggest a potential sell-off if prices fall below a previous low.
Sentiment:
Overall Bearish Market: There's a prevailing sentiment that the broader market is leaning bearish, which could lead to a pullback in CHFJPY along with other currency pairs.
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