CHFJPY Forecast And Technical Analysis

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CHFJPY Forecast And Technical Analysis

Hi Traders! CHFJPY forecast and technical analysis is here. We do our analysis on the MetaTrader4 platform (MT4). Some very interesting and useful tips and hacks about the MT4 platform could be found here. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club Spoiler alert – free memberships are available! This analysis will be based on price action trading (if you want to learn about price action trading, you can watch this video here).

CHFJPY D1(Daily) Chart Analysis – Bullish Trend Pattern, Strong Support Zone, Bullish Hidden Divergence, Downtrend Line Breakout, ADX Indicator

On the daily chart, the price which was moving higher has created a bullish trend pattern in the form of three higher highs, higher lows, which we may consider as evidence of bullish pressure. Generally, after a bullish trend pattern, we may expect corrections and then potential continuation higher. Also while measuring the bullish trend pattern using the fibonacci retracement tool we have a strong support zone that has formed based on the 38.2%(114.354) – 50%(113.267) fibonacci retracement zones. The price which was moving lower reached this strong support zone, respected it, and is currently moving higher. We also had a bullish hidden divergence that has formed between the first low that has formed on 6th May 2020 and the second low that has formed on 25th September 2020 based on the MACD indicator which we may consider as evidence of bullish pressure. Also, the price which is moving higher has currently broken above the most recent downtrend line and is holding above it, we may consider this as another evidence of bullish pressure. In addition to this the ADX indicator gave a bullish signal at the cross of +DI (green line) versus -DI (red line) and the main signal line (silver line) reads value over 25, we may consider this as yet another evidence of bullish pressure. We may now move down to one timeframe lower and see if we can find evidences supporting this bullish view.

(Note: You can learn about a Killer Forex Strategy “Double Trend Line Principle” here)

CHFJPY Forecast And Technical Analysis

 

 

 

CHFJPY H4(4 Hours) Chart Analysis – Bullish Trend Pattern, Parabolic Sar, ADX Indicator

Looking at the H4 chart we could see that the price which is moving higher has created a bullish trend pattern in the form of three higher highs, higher lows, which we may consider as evidence of bullish pressure. In addition to this based on the Parabolic Sar we could see that the dots are below the price which we may consider as another evidence of bullish pressure. Also, the ADX indicator gave a bullish signal here as well at the cross of +DI (green line) versus -DI (red line) and the main signal line (silver line) reads value over 25, we may consider this as yet another evidence of bullish pressure. And currently, there are no evidences that show this bullish trend is over yet. So based on all this, my view here is bullish and I expect the price to continue higher further.

CHFJPY Forecast And Technical Analysis

 

Technical Analysis & Forecast Summary

CHFJPY D1(Daily) Chart Analysis 

  • Bullish Trend Pattern, Strong Support Zone, Bullish Hidden Divergence, Downtrend Line Breakout, ADX Indicator

CHFJPY H4(4 Hours) Chart Analysis

  • Bullish Trend Pattern, Parabolic Sar, ADX Indicator

 

Trading Tips

It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.

Also don’t forget to protect your buy trade using a stop loss and make sure to set a target and keep a proper risk/reward ratio.

You will also find a pretty extensive database of educational materials here in the blog – just use the search or check out the Forex Education section above.

Not sure how to enter a trade? Spot reversals (bounces)? Not sure how to spot breakouts?

I invite you to join me in my live trading rooms, on daily basis, and improve your trading with us.

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Also, you can get one of my strategies free of charge. You will find all the details here

 

If you have any further questions, don’t hesitate to drop a comment below!

 

To your success,

Vladimir Ribakov
Certified Financial Technician

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