CHFJPY: A possible UPCOMING DOWNTREND!
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🟢Forex Pair:
CHF/JPY
⚪Technical Analysis:
In the weekly time frame, since October 2019, the price has been moving following a clear uptrend, creating an interesting rising wedge pattern.
It has currently reached a strong resistance zone but overall we still have a bullish market.
In the daily time frame, on the 23th of November 2020, the price got a strong rejection on its dynamic support trendline and it moved up until the main resistance zone at about 117.200.
This level rejected the price many times and it's now approaching to re-test the same zone.
In the h4 time frame, as we can see in the chart, the price is moving with a clear side trend, bouncing up and down between the main support and resistance zone.
The next price action will be essential to understand if the resistance zone will reject the price.
🔴Conclusion:
The price is currently following an interesting side trend and I'm confident to see an upcoming downtrend until the next support zone.
I'll be waiting for the next session before planning my short position on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
CHF/JPY
⚪Technical Analysis:
In the weekly time frame, since October 2019, the price has been moving following a clear uptrend, creating an interesting rising wedge pattern.
It has currently reached a strong resistance zone but overall we still have a bullish market.
In the daily time frame, on the 23th of November 2020, the price got a strong rejection on its dynamic support trendline and it moved up until the main resistance zone at about 117.200.
This level rejected the price many times and it's now approaching to re-test the same zone.
In the h4 time frame, as we can see in the chart, the price is moving with a clear side trend, bouncing up and down between the main support and resistance zone.
The next price action will be essential to understand if the resistance zone will reject the price.
🔴Conclusion:
The price is currently following an interesting side trend and I'm confident to see an upcoming downtrend until the next support zone.
I'll be waiting for the next session before planning my short position on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
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