CHF/JPY: Pair Has Retraced Almost 50%, It’s Time To Bounce

October 15, 2018

 

By looking at the daily chart we can see that earlier the balanced demand and supply was going on in the pair and pair was trading in purely uptrend channel followed by an aggressive uptrend channel and the pair was making higher highs and higher lows on daily basis. From intermediate point of view we can see that the pair has retraced almost 50% level and from here we are expecting a bounce towards north side. Well first it need to clear the 115 level then only we may expect further bounce towards the 117 and 119 level.

 

Overall odds are in favor of bulls and intraday bias remains bullish on pair as long as 112.00 level remains intact. Pair is trading and sustaining above the moving average lines which is generating bullish signal. In the meantime, technical indicators are flashing trend signal signals. This suggests that bull’s dominance over the rate is likely to grow stronger. Overall trend is bullish as long as an uptrend line is lying on the daily chart. RSI indicator is generating bullish signal and a bearish signal on MACD is not supporting the bulls for the time being but it will convert towards upside very soon.

 

The 112 level is key support level followed by 110 level whereas the 115 level is key resistance level followed by the 117 level. On the hourly chart we have seen that bullish sentiments have been started to come and in the near term we are expecting further bullish signal.

 

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