Market NewsTechnical Analysis

CHF/JPY: Bull Heads towards the North, No Sign to Hault

Money of Switzerland. Swiss franc bills. CHF banknotes. 100 francs. Business, finance, news background.
  • CHF/JPY has been on a strong bullish trend on the H4 chart.
  • The pair trades above two significant support levels.
  • The H1 chart looks bullish breaking yesterday’s higher high.
  • 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 breached the Simple Moving Average 30 earlier. However, it made a bullish breakout consequently and headed towards the North with extreme bullish momentum. The chart made a significant bullish breakout at 169.350, where the price reacted several times. Thus, many buyers may keep their eyes at the level to get a bullish signal to go long in the pair.

Alternatively, some buyers may wait for the price to consolidate and get a bullish reversal pattern at the value areas and push the price towards the North. The price may find its next resistance around 172.000.

CHF/JPY H1 chart
CHF/JPY H1 chart

Price Action Analysis- H1 Chart

The chart shows that the price has been bullish, but has found its resistance around 170.520. Upon having a rejection, it made a bearish correction. However, as of writing, the current candle has been bullish. If it closes above the level, the buyers may look to go long in the pair and push the price towards the upside. The price may find its next resistance around 171.000.

On the contrary, the sellers may wait and not make any trading decision based on this chart. To go short in the pair, they must wait for the chart to produce a strong bearish reversal pattern such as double top at the resistance zone.

The H4 and the H1 look extremely good for the buyers. Thus, we may see a strong bullish move today. As things stand, the pair may remain bullish on these two charts for a while as well.

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Your email address will not be published.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

Fidelcrest video review

Play Video

Related Articles

Euro Weighed Down as EU Inflation Falls Short of Predictions

Euro Area core inflation falls for the 7th straight month, missing forecasts,...

Yen and Euro in Focus: Wage Negotiations, ECB Meetings

Japanese yen falters as USD/JPY retreats ahead of wage negotiations; EUR/JPY finds...

Dollar Reaction to Inflation Figures and Unemployment Claims

Recent U.S. inflation and unemployment data led to mixed dollar movement, with...

Aussie Dollar Up on Retail Sales, Japan Sees Inflation Surprise

Aussie retail sales disappoint, Japan inflation jumps. Currencies & commodities face data,...

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

Euro Down EU Inflation
Market News

Euro Weighed Down as EU Inflation Falls Short of Predictions

Euro Area core inflation falls for the 7th straight month, missing forecasts, while EUR/USD tests critical level at 1.0800.

Yen Wage Negotiations ECB Meetings
Market News

Yen and Euro in Focus: Wage Negotiations, ECB Meetings

Japanese yen falters as USD/JPY retreats ahead of wage negotiations; EUR/JPY finds support before ECB meeting next week.

Copyright © 2023 Forex Prop News. All Rights Reserved.