Real-time stock and forex trading analysis, featuring market trends, price fluctuations, and actionable trading ideas. With detailed charts and expert insights, it helps users make informed decisions in a streamlined, user-friendly interface.

Sunday, October 10, 2021

CHFJPY facing bearish pressure, drop incoming!

analytics6163cad84a4b3.jpg

CHFJPY is approaching the upper resistance of the ascending price channel in line with 1st resistance at 121.675 in line with Horizontal swing high and 100% Fibonacci extension . Price is likely to reverse off from 1st resistance at 121.675 in line with Horizontal swing high and 100% Fibonacci extension to take 1st support at 120.242 in line with 23.6% Fibonacci retracement and 78.6% Fibonacci extension level. Our bearish bias is further supported by how Stochastic is approaching resistance where price dropped in the past. Otherwise price may bullish towards 2nd resistance at 122.506 in line with -27.2% Fibonacci retracement and 127.2% Fibonacci extension.

Trading Recommendation

Entry: 121.675

Reason for Entry:

Horizontal swing high and 100% Fibonacci extension

Take Profit: 120.242

Reason for Take Profit:

23.6% Fibonacci retracement and 78.6% Fibonacci extension level

Stop Loss: 122.506

Reason for Stop Loss:

-27.2% Fibonacci retracement and 127.2% Fibonacci extension

The material has been provided by InstaForex Company - www.instaforex.com

from RobotFX

No comments: