CHFJPY is facing bullish pressure from 1st support which is in line with 78.6% fibonacci retracement. Prices might push up towards 1st resistance which is in line with 61.8% fibonacci retracement and horizontal swing high resistance. If prices fall through 1st support, prices might reach 2nd support which is in line with 127.2% fibonacci retracement and 78.6% fibonacci extension. Stochastics are also approaching the 7.70 level, showing bullish pressure for prices.
Trading Recommendation
Entry: 117.005
Reason for Entry:
Horizontal swing low support, 78.6% fibonacci retracement
Take Profit: 117.566
Reason for Take Profit:
Horizontal swing high resistance, 61.8% fibonacci retracement
Stop Loss: 117.220
Reason for Stop Loss:
Horizontal swing low support, 127.2% fibonacci retracement, 78.6% fibonacci extension
