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FX.co ★ CHFJPY facing bullish pressure, potential for more upside!

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Forex Analysis:::2021-04-13T09:37:26

CHFJPY facing bullish pressure, potential for more upside!

CHFJPY facing bullish pressure, potential for more upside!

Prices are facing bullish pressure from ascending trendline support and horizontal swing low support which coincides with 50% Fibonacci retracement and 50% Fibonacci extension. Prices might push up towards 1st resistance which is in line with -27.2% FIbonacci retracement and 78.6% Fibonacci extension fibonacci confluence area. If prices fall through 1st support, prices might take support from 2nd support which is in line with 61.8% Fibonacci retracement and 78.6% Fibonacci extension. Ichimoku cloud is also below prices, giving a bullish pressure for prices.

Trading Recommendation

Entry: 118.515

Reason for Entry:

Horizontal swing low support, 50% Fibonacci extension, 50% Fibonacci retracement

Take Profit: 118.856

Reason for Take Profit:

-27.2% Fibonacci retracement, 78.6% Fibonacci extension

Stop Loss: 118.357

Reason for Stop Loss:

Horizontal swing low support, 61.8% Fibonacci retracement, 78.6% Fibonacci extension

Analyst InstaForex
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