Market NewsTechnical Analysis

CHF/JPY: The H4 Suggests Bear is in Play, Buyers are Hopeful on the H1

Money of Switzerland. Swiss franc bills. CHF banknotes. 100 francs. Business, finance, news background.
  • CHF/JPY is on consolidation after making a huge bearish move on the H4 chart.
  • The pair had a bounce at the October’s lower low.
  • The H1 chart looks choppy may head towards the upside gradually.
  • Intraday minor charts have been choppy.
CHF/JPY H4 chart
CHF/JPY H4 chart

CHF/JPY – Technical Analysis- H4 chart

The pair has been on consolidation. Before being in consolidation, it made a strong bearish move. The simple moving average 30 has been working as its resistance. On the way to make its last bearish move, it made a significant breakout at 166.500. The sellers may keep their eyes at this level to go short again. If the price breaches the swing low, it may generate bearish momentum and drive the price towards the South as well. However, looking at the recent price action, it seems that the pair may consolidate or make a bullish correction before making another strong bearish move.

On the contrary, buyers may not get themselves engaged to go long in the pair based on this chart. They must wait for the pair to produce a strong bullish reversal pattern before making a trading decision.

CHF/JPY H1 chart
CHF/JPY H1 chart

Price Action Analysis- H1 Chart

The chart shows that the price after being very bearish had a bounce at 162.200. It made a bullish correction and found its resistance around 164.800. It produced an excellent looking evening star, but did not continue its bearish move. Rather, it has been on bullish correction again. As of writing, the pair is traded around the level, where it had its last rejection. A bullish breakout may attract the buyers to go long. The price may find its resistance around 167.600.

On the other hand, if the level produces a bearish reversal, it may head towards the South and find its support around 162.200.

Considering both charts, it seems that within a strong bearish zone, the bull looks good on the H1 chart. However, H4 chart still suggests that the pair is well poised to go towards the South.

Written by: Md Tareq Sikder, Senior Analyst Forex Prop News Contact and follow Tareq on Twitter: @tareqfpn

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