Market NewsTechnical Analysis

CHF/JPY: Choppy Price Action Makes Traders Wait

  • CHF/JPY has been having gradually heading towards the South on the H4 chart.
  • The pair may find its support around the last swing low.
  • The H1 chart trades around a horizontal support.
  • Intraday minor charts have been slightly bearish.
CHF/JPY H4 Chart
CHF/JPY H4 Chart

CHF/JPY- Technical Anslysis-H4 Chart

The chart shows that the price has been heading towards the South gradually. The simple moving average 30 has been working as its resistance. However, the pair has not had any significant bearish momentum from its resistance. The price action suggests that the pair may be looking for its support. The lefvel of 165.070 may hold the price as a support. Traders are to be watchful at the price action around that level. A bullish reversal pattern may push the price towards the North. If the pair gets bullish, it may find its resistance around 168.000.

On the other hand, if the price breaches the support, the sellers may find short opportunities. The pair, in case of a bearish breakout, may find its support around 164.000.

CHF/JPY H1 Chart
CHF/JPY H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price is traded around 165.880. It is a significant level since the price reacted at this level several times. Traders may keep their close eyes to see  what the price does here.

A bullish reversal pattern may push the price towards the North. It may find its resistance around 166.500.

On the contrary, if the price breaches the support and confirms the breakout, the sellers may continue going short in the pair. The price in that case may find its support around 165.400.

Considering both charts, traders are to be watchful for the next breakout. Especially, the H1 chart’s support may play a significant role to determine its next direction.

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

Contact and follow Tareq on Twitter: @tareqfpn

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