The ascending channel is broken
CHF/JPY started an ascending channel on 20th of September and after a significant ascend finally broke out of the ascending channel on 20th of October. Since then, side market. As the overall look of the chart suggests, a descending wave is expected and bears can be waiting for a trigger to enter the market.
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
the strongest support level close to the current price is on 123.5 (almost). Losing this support level can be followed by a strong descending wave. In case the price can break below 123.5, sellers can expect to see the descending wave up to 123. As the descending wave is potential to make big changes in USD/JHF price, sellers can consider 122.5 and 122 for TP too. On the other hand, if the support level can pump the price above 124.6, buyers can be waiting for another ascending wave, 125.5 can be targeted as TP for buyers.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.