CHFJPY H4 | Potential bearish reversal
Title
CHFJPY H4 | Potential bearish reversal
Type
Bearish reversal
Preference
The price has rejected off the pivot at 199.30, a pullback resistance that aligns with the 23.6% Fibonacci retracement. A drop from this level could lead the price toward the 1st support at 196.88, a pullback support.
Alternative Scenario
If the price breaks above the pivot, it could rise toward the 1st resistance at 200.76, which acts as a pullback resistance that aligns with the 50% Fibonacci retracement.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.