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CHFJPY H4(4 Hours) Chart Analysis – Bearish Divergence, Uptrend Line Breakout
On the H4 chart, we had a bearish divergence that has formed between the first high that has formed at 203.888 and the second high that has formed at 204.411 based on the MACD indicator, we may consider this as evidence of bearish pressure. The price then moved lower and broke below the most recent uptrend line, which we may consider as another evidence of bearish pressure. In addition to this, currently there are no signs opposing this short term bearish view. So the bottom line here is that, everything looks good for the bears and we may now move down to lower timeframe and see if we can find evidences supporting this short term bearish view.
CHFJPY H1(1 Hour) Chart Analysis – Strong Bearish Momentum, Two Key Resistance Zones
On the H1 chart, we have a strong bearish momentum and also currently there are no signs opposing this short term bearish view. So everything looks good for the bears here as well. In addition to this, we have two key resistance zones that has formed based on the volume profile zones of the KTLI indicator and the Triple B Pro pivot levels. Until both these key resistance zones shown in the image below (marked in red) holds my short term view remains bearish here and I expect the price to move lower further.
Technical Analysis & Forecast Summary
CHFJPY H4(4 Hours) Chart Analysis
- Bearish Divergence, Uptrend Line Breakout
CHFJPY H1(1 Hour) Chart Analysis
- Strong Bearish Momentum, Two Key Resistance Zones
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 short-term 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.
Also, don’t forget to protect your sell trade using a stop loss and make sure to set a target and keep a proper risk/reward ratio.
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