CHFJPY Bull Exhausted, Watch For Reversal

Hello traders:

Similar like NZDJPY and CADJPY, we can also see CHFJPY is showing signs of bearish reversal price action.

After the previous move up, price is at the top of the previous high on the higher time frame.

We can see the price is slowing down its bull momentum, and a corrective ascending channel has formed.

Latest development show a bearish move down, out of ascending channel, good signs of possible further down

Good idea to wait for the right shoulder of a Head and Shoulder pattern, to confirm a bearish continuation price action to go down more to the previous lows.

thank you

تعليق: