CHFJPY may continue rise!
Good Morning Traders,
I hope everyone is enjoying the start to their weekends. I have been keeping an eye on the CHJPY for some time. When looking at the pairs against the USD, the CHF appears to be the stronger currency between the JPY and CHF. Until the trading day on Friday, the CHF (gaining) and JPY (losing) were actually diverging against each other when looking at the pairs against the USD.
From a technical viewpoint, Hidden Bullish Divergence is forming on the 4H CHFJPY MACD/Price Chart. RSI has also cooled from OVERBOUGHT territory and has hit minor resistance. On the 1W, we are currently in an uptrend signaled by a Hidden Bullish Divergence formed 3 candles ago. This trend appears to have more room to move upward before hitting the zero level on the MACD. The Price is hitting a relatively strong resistance around 114. A close above this area could cause a breakout towards the next significant resistance around the 155.15 mark. I will be watching at the start of the upcoming trading week.
Thanks for reading. If you liked my analysis, please give me a follow.
*The above is not investment advice but simply my analysis of the current market conditions*
I hope everyone is enjoying the start to their weekends. I have been keeping an eye on the CHJPY for some time. When looking at the pairs against the USD, the CHF appears to be the stronger currency between the JPY and CHF. Until the trading day on Friday, the CHF (gaining) and JPY (losing) were actually diverging against each other when looking at the pairs against the USD.
From a technical viewpoint, Hidden Bullish Divergence is forming on the 4H CHFJPY MACD/Price Chart. RSI has also cooled from OVERBOUGHT territory and has hit minor resistance. On the 1W, we are currently in an uptrend signaled by a Hidden Bullish Divergence formed 3 candles ago. This trend appears to have more room to move upward before hitting the zero level on the MACD. The Price is hitting a relatively strong resistance around 114. A close above this area could cause a breakout towards the next significant resistance around the 155.15 mark. I will be watching at the start of the upcoming trading week.
Thanks for reading. If you liked my analysis, please give me a follow.
*The above is not investment advice but simply my analysis of the current market conditions*
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