Market NewsTechnical Analysis

CHF/JPY: Choppy H4 Chart but the H1 Chart Has Been Active

  • CHF/JPY has been choppy on the H4 chart.
  • Simple Moving Average 30 has been flat.
  • The H1 Chart looks bullish approaching towards the last swing high.
  • Intraday price action has been bullish.
CHF/JPY H4 Chart
CHF/JPY H4 Chart

CHF/JPY- Technical Analysis-H4 Chart

The pair has been choppy on the H4 chart for the last 4 weeks. It started this week with a bullish tone, but upon finding its resistance, it made a bearish move later. The pair’s choppiness has pushed the price towards the North again. As of writing, the pair trades around Simple Moving Average 30. To go more with it, there is a horizontal level, which has been working as a resistance as well. Thus, traders may consider these two resistances before making any trading decision. A bullish breakout above may push the price towards the North. The price may find its next resistance around 166.100.

On the downside, if the pair produces a bearish reversal pattern at that confluence level, it may make a bearish move and find its support around 164.200.

CHF/JPY H1 Chart
CHF/JPY H1 Chart

Price Action Analysis- H1 Chart

The H1 chart shows that the price has been bullish. It had two bounces at a horizontal support and then headed towards the North with good momentum. The price had a rejection around 165.475 and made a bearish correction. If found its support at 165.000 and produced a bullish inside bar. The pair remained bullish for the next four candles. On its way, it breached 165.475, but came back into it within the next candle. A bullish reversal pattern around this level may attract the buyers to go long in the pair. The price may find its next resistance around 165.570.

On the downside, if the pair produces a strong bearish momentum, it may head towards the last swing low again.

The H1 chart looks good for traders. It has been offering some good entries from H4’s support and resistance. However, the H4 looks very choppy. Traders may keep their eyes on the H1 chart before making any trading decision.

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

Contact and follow Tareq on Twitter: @tareqfpn

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