CHFJPY Forex Signal By Trading Twist
SELL Stop Order: 172.55
SL: 173.07
TP1: 167.46
Mixed price action has resulted in a bearish ending wedge pattern being posted on the intraday chart. This formation has a measured move target of 169.50.
CHFJPY With bespoke support at 171.31 being located close to the trend of higher lows, there is ample scope for an upside correction. This would be analysed as wave 2 in a bearish Elliott Wave count (five waves). Resistance is located at 172.60.
Bespoke support is located at 167.30. Projection analysis would highlight a Bat formation completing a 167.46. Setting into rallies offers a very ample risk-reward of 10.69.
