Hi Traders! We have CHFJPY bearish opportunity forming at the moment. A detailed analysis of this sell setup is as follows:
CHFJPY H4 Chart:
On the H4 chart the price is moving inside a bearish channel. This channel is formed by the highs and lows reaching parallel resistance and support zones. The price is respecting these two zones so far. Currently the price has reached the top of this channel, in addition to this we also have a critical zone which acts as a strong resistance for us around this area. The price has also created bearish hidden divergence which we may consider as an evidence of bearish pressure, we may now look for more evidences of bearish pressure on lower timeframes in order to join the bears.
CHFJPY H1 Chart:
On the H1 chart we had a bearish divergence and then the price moved lower and created lower lows thus forming a bearish convergence for us. We may consider this as an evidence of bearish pressure and we may now look for pullbacks to happen. Once this pullback completes itself, we may then start looking for sells with bearish evidences.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.
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