Market NewsTechnical Analysis

CHF/JPY: 170.000 Seems Significant for the Next Trend

Money of Switzerland. Swiss franc bills. CHF banknotes. 100 francs. Business, finance, news background.
  • CHF/JPY is ranging after being bullish on the H4 chart.
  • The level of 1.70000 has been working as a support.
  • The H1 chart has been bullish upon finding its support.
  • Intraday minor charts have been bullish.
CHF/JPY H4 chart
CHF/JPY H4 chart

CHF/JPY – Technical Analysis- H4 chart

The chart shows that the price made a long bullish move on the chart. Then, it had a rejection at 171.400. The price then moved towards the South but had a bounce at 170.000. Since then, it has been traded within this range. The price action suggests that if the price makes a bearish breakout at the support, the sellers may go short in the pair and keep the pair bearish for a long move.

On the upside, if the support level keeps holding the price, the buyers may wait for a bullish breakout at 171.400 to go long in the pair. If that happens, the pair may remain bullish for some days as well.

CHF/JPY H1 chart
CHF/JPY H1 chart

Price Action Analysis- H1 Chart

The H1 charts shows that the price gets caught within 171.150- 170.000. The price reacted at those level several times. At the last bounce, it produced a bullish inside bar. Since then, the price has been heading towards the upside. The buyers may keep their eyes to go long in the pair from the value areas. The chart shows that it has enough space to travel towards the North. The level of 171.150 may work as a level of resistance next.

For the sellers, the price is to make a bearish breakout at the level of 170.000 and confirm it followed by a bearish reversal signal. Thus, the pair needs time to get bearish considering the H1 chart.

Written by: Md Tareq Sikder, Senior Analyst Forex Prop News

Contact and follow Tareq on Twitter: @tareqfpn

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Newsletter

Subscribe to ForexPropNews Trading Newsletters

Receive the best-curated content by our editors for the week ahead.

Mini Charts

Related Articles

Profit-Taking and Tech Sector Weakness Drive Down Asia-Pacific Markets

Asia-Pacific markets declined on Friday, reflecting Wall Street’s tech stock sell-off. Japan’s...

Asia-Pacific Markets Plunge on Chip Stock Declines: Market Watch

Asia-Pacific markets plummeted on chip stock declines, reflecting global economic uncertainties and...

Forex Focus: Dollar Strength and Market Movements in Asia

U.S. retail sales in June held steady at $704.3B, buoyed by non-store...

Asian Markets React to Powell’s Dovish Remarks with Mixed Results

Asian markets reacted mixed after Powell's dovish comments, with Hong Kong's Hang...

Featured educational content

EXPLORE MORE

Featured educational content

New to Forex? Learn to Read Charts Like a Pro

Dive into forex trading basics: chart reading, candlesticks, technical indicators, timeframes, currency pairs. Start your journey to trading success today!

Video: How I Re-Programmed My Mind to be a Consistent Trader (Thanks to The Wolf of Wall Street)

How I Re-Programmed My Mind to be a Killer Trader (Thanks to The Wolf of Wall Street)

Video: This Invisible Trading Indicator Tells you What Day Trade (Not Just Price)

This Invisible Trading Indicator Tells you WHEN to Trade (Not Just Where)

Technical Analysis: Chart Patterns and Indicators for Profitable Investments

Navigate stocks with confidence using chart patterns like Head and Shoulders, indicators such as MACD, and tools like trendlines. Master technical analysis for...

Latest News

Profit-Taking and Tech Sector Weakness Drive Down Asia-Pacific Markets
Market News

Profit-Taking and Tech Sector Weakness Drive Down Asia-Pacific Markets

Asia-Pacific markets declined on Friday, reflecting Wall Street’s tech stock sell-off. Japan’s inflation remained steady, and chip stocks showed resilience.

Asia-Pacific Markets Plunge on Chip Stock Declines: Market Watch
Market News

Asia-Pacific Markets Plunge on Chip Stock Declines: Market Watch

Asia-Pacific markets plummeted on chip stock declines, reflecting global economic uncertainties and geopolitical tensions, impacting regional indices sharply.

Copyright © 2023 Forex Prop News. All Rights Reserved.