Hi Traders! We have CHFJPY bearish setup forming at the moment. A detailed analysis of this sell opportunity is as follows:
CHFJPY D1 Chart:
On the daily chart we have a bearish flag pattern that has formed and the price is respecting it so far, the price has currently reached the top of this pattern. In addition to this we have a good downtrend line that has formed and the price is holding below this dynamic resistance. We also have a potential hidden bearish divergence that has formed which we may consider as an evidence of bearish pressure.
CHFJPY H4 Chart:
On the H4 chart we have two critical zones that has formed based on the fibo levels of the cycles, the top of the daily bearish flag pattern and the daily downtrend line. We also have bearish divergence that has formed which we may consider as an evidence of bearish pressure. The price has currently reached the first critical zone and until this zone holds we may expect bearish moves. Alternatively if the price moves higher then the next area to look for bearish setups with bearish evidences would be the second critical zone.
Invalidation: If the price moves higher and breaks above the daily downtrend line then this sell idea would be invalidated.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.
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