FX.co ★ CHFJPY facing bullish pressure, potential for further upside!

CHFJPY is facing bullish pressure from 1st support which is in line with 78.6% fibonacci retracement. Prices might push up towards 1st resistance which is in line with 61.8% fibonacci retracement and horizontal swing high resistance. If prices fall through 1st support, prices might reach 2nd support which is in line with 127.2% fibonacci retracement and 78.6% fibonacci extension. Stochastics are also approaching the 7.70 level, showing bullish pressure for prices.

Trading Recommendation

Entry: 117.005

Reason for Entry:

Horizontal swing low support, 78.6% fibonacci retracement

Take Profit: 117.566

Reason for Take Profit:

Horizontal swing high resistance, 61.8% fibonacci retracement

Stop Loss: 117.220

Reason for Stop Loss:

Horizontal swing low support, 127.2% fibonacci retracement, 78.6% fibonacci extension