CHFJPY is approaching the upper resistance of the ascending price channel in line with 1st resistance at 121.675 in line with Horizontal swing high and 100% Fibonacci extension . Price is likely to reverse off from 1st resistance at 121.675 in line with Horizontal swing high and 100% Fibonacci extension to take 1st support at 120.242 in line with 23.6% Fibonacci retracement and 78.6% Fibonacci extension level. Our bearish bias is further supported by how Stochastic is approaching resistance where price dropped in the past. Otherwise price may bullish towards 2nd resistance at 122.506 in line with -27.2% Fibonacci retracement and 127.2% Fibonacci extension.
Trading Recommendation
Entry: 121.675
Reason for Entry:
Horizontal swing high and 100% Fibonacci extension
Take Profit: 120.242
Reason for Take Profit:
23.6% Fibonacci retracement and 78.6% Fibonacci extension level
Stop Loss: 122.506
Reason for Stop Loss:
-27.2% Fibonacci retracement and 127.2% Fibonacci extension
The material has been provided by InstaForex Company - www.instaforex.com