CHFJPY H4 | Bullish bounce off key support
Title
CHFJPY H4 | Bullish bounce off key support
Type
Bullish bounce
Preference
The price is falling towards the pivot at 198.82, an overlap support that aligns with the 38.2% Fibonacci retracement. A bounce from this level could lead the price toward the 1st resistance at 200.30, a pullback resistance that is slightly below the 78.6% Fibonacci retracement.
Alternative Scenario
If the price breaks below the pivot, it could fall toward the 1st support at 197.65, which is a multi-swing low support.
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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.