CHFJPY: Is starting a long term decline
CHFJPY reached the top of the 1 year Channel Up by exceeding the 2.618 Fibonacci extension and as the 1W technicals turned overbought the last two weeks (RSI = 69.506, MACD = 3.780, ADX = 64.451), it is an indication that we should start selling.
During the previous long term correction (September 14th - January 13th) inside this Channel Up, the price had a controlled decline inside a Channel Down pattern before bottoming more aggressively. As such, we take this opportunity to enter a comfortable long term sell, and target a possible 1D MA200 connection (TP = 152.250).
Prior idea:
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During the previous long term correction (September 14th - January 13th) inside this Channel Up, the price had a controlled decline inside a Channel Down pattern before bottoming more aggressively. As such, we take this opportunity to enter a comfortable long term sell, and target a possible 1D MA200 connection (TP = 152.250).
Prior idea:
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
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