CHFJPY Heading Towards 147.50 Highs

Tues 11th April 2023 : Daily Forex Price Action

Today we’re looking at Trading Setups in:

• CHFJPY
• GBPAUD (Covered in Video)

Today we’re looking at Trading Setups in: CHFJPY & GBPAUD (Covered in Video)

CHF tops the day traders table as the strongest currency, JPY second weakest. 

This could see the price of CHFJPY head towards the key highs of 147.50.

Price has recently broken through a long term trend line resistance.

Over the bank holiday period price has broken out of the highs at 146.00.

This level could turn into support if price were to revisit it. 

Traders looking to get long could use this level to trade to the next point of resistance at 148.50.

Day traders could look to the lower time frame such as the H1 for a trading opportunity.

Price has traded above a consolidation zone which could be used a support for short term longs. 

Technical Observations

• The CHF is S1 and JPY is W2 on the day traders table.
• Price has traded through a long term resistance trend line.
• Price has broken out of key highs at 146.00.
• This level could be used as support for buying opportunities.
• Buyers could look to target 147.50 and 148.50 highs.