Chfjpyshort
CHFJPY H1 SHORT PRICE ACTION FORECAST This currency pair is currently under intense sellers pressure, finding some support above the 200MA where we could expect some healthy correction before the downtrend continuation towards previous support level.
It allows the setup of a short entry with the following characteristics.
The order:
Type: sell-limit
S/L: 30 pips - R:R | 1:3.5 -
T/P: support level
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CHFJPY ROADMAPcurrently, we are seeing price testing the 115.63 support level (1) and we have room to go down for +200 pips if seller manages to push the price to the 114.28 support level (2), we need to wait until price breakout the support level 1 as H&S pattern confirmation before placing any sell order.
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CHFJPY | BEARISH SETUP|PRICE BROKE THE DAILY BULLISH TRENDLINE BUT HAD A BIG PUSH FROM THE DAILY DEMAND ZONE. IT IS SOMETHING THAT I WILL KEEP IN MIND SINCE WE WERE IN A BULLISH TREND. I MIGHT LOOK AT A SELL OPPORTUNITY AT THE SUPPLY ZONE SINCE IT WOULD ALSO BE A BREAK & RETEST OF THE PREVIOUS TRENDLINE
CHFJPY SHORT IDEA/ IRREGULAR H+S FORMATIONWe can see that price has broken below this ascending TL, making a lower low with a retracement up into a fib level. We also have this irregular H+S pattern which is valid, however i do believe we can see a push up to previous structure level, the 61.8% fib and the 50EMA, this would be a high probability set up if we can get a nice confirmation candlestick.
Short position on CHFJPY 4HHello Traders!
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CHF/JPY - Potential For Short Position Current price for CHFJPY is 117.26 and almost 100 pips away from the resistance zone 118.20 - 119.20. Maybe we can see a bullish movement for a while before the price testing the resistance zone (Weekly Timeframe).
In fact, the Stochastic shows overbought as well for this pair. Based on the fundamental view, there is not much news on JPY, just one High Impact on Gross Domestic Product (QoQ) news.
Trade Idea : Short
Sell Limit : 118.20 - 119.20
Take Profit : 114.00 - 115.00
Stop Loss : 50 - 90 pips
Disclaimer!
This analysis does not give traders any confirmation on trading execution! It is for educational purposes only. You can refer this analysis and outlook for trading idea but trade at your own risk and trust your analysis first! Thank you and good luck for everyone!
CHFJPY - Wait for a couple of days for a sell opportunityAs you can see the 118.00 area is a major S/R level. The first and second touch were 30 weekly candles apart while the second and third were separated by 31 candles. However the third touch has not quite occurred 99 candles later.
It is surely coming soon and I believe we will have a good short set up. I believe the bulls are on their last final push and the 118 area will once again act as resistance.
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