empty
 
 
31.08.2023 06:42 PM
CHF/JPY continuation or reversal?

This image is no longer relevant

CHF/JPY Uptrend Line Retest

The CHF/JPY pair moves sideways in the short term. It's trapped between 166.54 and 164.45 levels. It's trading at 164.73 at the time of writing. As you can see on the H1 chart, the rate is almost to reach the uptrend line and the 164.45. Technically, these lines represent downside obstacles.

As long as it stays above these levels, the currency pair could resume its growth, it could extend the uptrend line.

CHF/JPY Trading Conclusion

Staying above the uptrend line may announce a new upwards movement at least towards the 166.54 former high. A larger growth could be activated after the rate jumps above this obstacle.

On the other hand, dropping below the uptrend line and under 164.45 is seen as a selling opportunity as the rate could develop a downside reversal.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback