-The green and red long horizontal rectangles are drawn in to show resistance and support lines.
-The green being my support and red being my resistance.
– Bulls look for buy opportunities on the support levels and bears for sell opportunities on resistance levels.
– Market Sentiment: Bear
-Bias:Bear

ChfJpy Daily

- The pair has since failed to hit a new low post brexit. -It is currently moving through a triangle on the daily chart and price has closed just below the monthly M3 - It has been failing to continue the series of lower lows and lower highs. - A double top has formed on the 106.3 level which is our resistance level. - From a long term lineage, I will be looking forward to see a breakout from the the support level of 102.8 and sell at the retest which will then be my resistance

ChfJpy H4

- Price has hit the weekly bull target on wednesday and fell through the first support level which was around 105.7(which has turned to be our resistance)through to the the WR1 level, which is also on the 61.8% fib level.

ChfJpy H1

- Price is currently just above the support level of 106.1 and also on the fib zone. even though the market sentiment is bearish, I am looking forward to see bulls buying and taking price up to the next resistance level of 105.7. and selling from there. If price breaks through that resistance level, our next key resistance level is around 106.3. I will be looking for sell opportunities on both resistance levels.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.