CHF/JPY: Rounding Bottom Pattern About To Complete

September 14, 2018

 

By looking at the daily chart we can see that the balanced demand and supply is going on in the pair and it is trading in an uptrend channel followed by an aggressive uptrend channel which is showing the shifting of the momentum of buyers.  The pair is making higher highs and higher lows on daily basis.

 

 

From intermediate point of view we can see that the current set up of candlesticks is trying to form rounding bottom pattern on the daily technical chart which is generating pure bullish signal The way bulls are reacting it seems like they are approaching the 118.50 level in short term and will complete the rounding bottom pattern. A daily closing above the 116.50 level will open the way towards the 118.50 level which is the unfinished target of the pair to complete the rounding bottom pattern.

 

Overall odds are in favor of bulls and intraday bias remains bullish on pair as long as 112.50 level remains intact. Pair is trading and sustaining above the moving average lines which is generating bullish signal. In the meantime, technical indicators flash strong buy 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 traveling in positive territory which is favoring the bulls and MACD indicator is generating bullish signal.

Leave a Reply

Your email address will not be published. Required fields are marked *