CHFJPY facing bullish pressure, potential for further bounce!

Prices are facing bullish pressure from horizontal swing low support, 61.8% FIbonacci retracement and 127.2% Fibonacci extension. Prices might push up towards 1st resistance which is in line with horizontal swing high resistance and 78.6% FIbonacci extension. If prices fall through ascending trendline, prices might take support from 2nd support which is in line with swing low support, 78.6% FIbonacci retracement and 161.8% Fibonacci extension. The Ichimoku cloud is also below prices, showing a bullish pressure for prices.

Trading Recommendation

Entry: 117.736

Reason for Entry:

Horizontal pullback support, 61.8% Fibonacci retracement, 127.2% Fibonacci extension

Take Profit: 118.363

Reason for Take Profit:

Horizontal swing high resistance, 78.6% Fibonacci extension

Stop Loss: 117.375

Reason for Stop Loss:

Horizontal swing low support, 78.6% Fibonacci retracement, 161.8% Fibonacci extension

The material has been provided by InstaForex Company – www.instaforex.com

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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