CHFJPY: Did You Miss This 900 Pip Move?
Wed 3rd May 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- CHFJPY (Primary Focus Pair)
- CADCHF (Covered in Video)
Primary Focus Pair: Overview
CHFJPY
In yesterday’s video we identified JPY as the only currency that held confluence on the tables, and that we were waiting for a confirmed signal via other currencies appearing on the opposite side of tables as confirmed counterparts.
This morning, we got two confirmed signals for CHFJPY and CADCHF.
CHFJPY is a currency pair we have featured over numerous days and weeks ever since it first appeared on the tables on the 5th April.
Since then CHFJPY has rallied and traded through multiple levels of resistance and targets, most recently being the key highs around 151.50.
If you are still in this position, you would be around 900 pips in profit !
On the other hand, if you have missed this move, fear not, we could be looking for opportunities to add in to the trend on a pull back.
In this case the 151.50 handle could act as support again for buyers looking to buy this forex pair.
If price retests this support level, and price forms bullish price action, we can look for a long back to the highs at 154.00.
Technical Observations:
- JPY is W1 and CHF is S3.
- Price has moved up over 900 pips since featuring on the tables.
- Price found resistance at 154.00, this could be a target for traders looking to buy in line with the trend.
- If the price pulls back to 151.50 and finds support, traders could go long here.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
