Market NewsTechnical Analysis

CHF/JPY: Price Gets Caught within a Triangle, Be Patient

  • CHF/JPY has been choppy on the H4 chart.
  • The price gets caught within a triangle.
  • The H1 looks bullish and may make a move towards the upside.
  • Intraday price action has been bullish.
CHF/JPY H4 Chart
CHF/JPY H4 Chart

CHF/JPY- Technical Analysis-H4 Chart

The H4 chart shows that the price has been caught within a triangle. As of writing, the price had a rejection at the triangle’s resistance. It produced a bearish inside bar and headed towards the downside. The Simple Moving Average 30 has been working as support though. Thus, traders will be confused here to make a trading decision based on the H4 chart. Traders may want to wait for the price to make a bullish breakout at the trend line’s resistance to go long. The price may find its next resistance around 166.000.

On the downside, if the price makes  a bearish breakout at the triangle’s support, it may head towards the South with good momentum. The price may find its support around 163.750.

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 a rejection around 165.000 and produced a bearish inside bar. It then made a bullish correction and found its support around 164.750. As of writing, the pair trades around the level. A bullish reversal pattern around the level may push the price towards the North. The price may find its resistance around 165.330.

On the downside, if the price makes a bearish breakout at the horizontal support, the sellers may wait for the price to consolidate and produce a bearish reversal pattern at the value area to go short in the pair. The price may find its support around 164.400.

Considering both charts, the pair may get sluggish until it makes a breakout on the H4 chart and finds its next route.

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Your email address will not be published.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

US Economic Resilience Boosts Dollar: Unemployment Claims Surprise Markets

US unemployment claims fall below forecasts, indicating labor market resilience; robust data...

Market Focus: Analyzing Gold, EUR/USD, and USD/JPY Trends

Gold dropped, EUR/USD declined, and USD/JPY rose, prompting scrutiny of technical indicators...

Gold Surges to New Record High Amid Market Turbulence

Gold reached a new record high, driven by safe-haven trades following the...

Fed’s Barr and Jefferson: High Interest Rates Here to Stay

Federal Reserve Governor Michael Barr reiterated interest rates will stay high until...

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

US Economic Resilience Boosts Dollar: Unemployment Claims Surprise Markets
Market News

US Economic Resilience Boosts Dollar: Unemployment Claims Surprise Markets

US unemployment claims fall below forecasts, indicating labor market resilience; robust data strengthens the dollar and impacts global currencies and commodities.

Market Focus: Analyzing Gold, EUR/USD, and USD/JPY Trends
Market News

Market Focus: Analyzing Gold, EUR/USD, and USD/JPY Trends

Gold dropped, EUR/USD declined, and USD/JPY rose, prompting scrutiny of technical indicators for future trends.

Copyright © 2023 Forex Prop News. All Rights Reserved.