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

Prices are facing bullish pressure from ascending trendline support and horizontal swing low support which coincides with 50% Fibonacci retracement and 50% Fibonacci extension. Prices might push up towards 1st resistance which is in line with -27.2% FIbonacci retracement and 78.6% Fibonacci extension fibonacci confluence area. If prices fall through 1st support, prices might take support from 2nd support which is in line with 61.8% Fibonacci retracement and 78.6% Fibonacci extension. Ichimoku cloud is also below prices, giving a bullish pressure for prices.

Trading Recommendation

Entry: 118.515

Reason for Entry:

Horizontal swing low support, 50% Fibonacci extension, 50% Fibonacci retracement

Take Profit: 118.856

Reason for Take Profit:

-27.2% Fibonacci retracement, 78.6% Fibonacci extension

Stop Loss: 118.357

Reason for Stop Loss:

Horizontal swing low support, 61.8% Fibonacci retracement, 78.6% Fibonacci extension