CHFJPY approaching support, watch for potential breakout!
CHFJPY broke out of our short term ascending support-turned-resistance line and is approaching our first support at 111.21 (horizontal overlap support, 23.6% Fibonacci retracement). A breakout below this level might trigger a strong reaction and push price down to our major support at 110.76 (horizontal swing low support, 38.2% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
RSI (89) is also seeing a bearish exit in line with our bearish bias.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (89) is also seeing a bearish exit in line with our bearish bias.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results