Market NewsTechnical Analysis

CHF/JPY: Bull is Well Equipped to Make a Run

  • CHF/JPY trades at a confluence support.
  • Simple Moving Average 30 has been holding the price.
  • The H1 chart looks bullish.
  • Intraday minor charts have been bullish in New York Session.
CHF/JPY H4 Chart
CHF/JPY H4 Chart

CHF/JPY- Technical Analysis-H4 Chart

The chart shows that the price made a good bullish move on the H4 chart. On its way, it made a bullish breakout and traded above the SMA 30 for quite a while. It then found its horizontal resistance around 165.750 and made a bearish correction. The price seems to have found its support at the SMA 30 again. So far, the chart consolidated on the SMA 30 for four candles. The buyers may keep their eyes on the pair to go long upon having a bullish candle. The price may end up making a new higher high. It may find its next resistance around 166.500.

On the downside, if the chart breaches the SMA 30, the sellers may wait for the chart to confirm the breakout followed by a bearish reversal pattern to go short in the pair. The price may find its support around 163.350.

CHF/JPY H1 Chart
CHF/JPY H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price had a bounce at 164.730 yesterday. It had a bounce at the same level today as well. It produced a bullish engulfing candle. The next candle closed as another bullish candle as expected. The buyers may look to go long on such price action. The chart suggests that the pair may make a bullish move if it breaches the level of 165.150. The pair may find its next resistance around 165.420. Most probably, it would breach that level and land at 165.750.

The H4 chart is bullish. The H1 chart looks extremely good for the buyers as well. It means that we may see that the pair make a good bullish move to close this trading week.

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

Contact and follow Tareq on Twitter: @tareqfpn

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