Bullish signals have been issued
CHF/JPY price line started a descending rally on 29th of June 2022, at 17:00; this bearish wave caused the price line to descend up to 2.53% in 48 hours, when the price line felt on a strong support zone, the price line then had a short bullish leg and is now showing bullish potential.
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 1h.
The price line at the moment is showing 140.925 which would be just above the support level which had formed almost around 140. This support zone is indicated as a light green area above the price line. The red zone on the chart indicates a resistance zoon that is expected to be the target for the upcoming ascending wave; the next possible target is indicated as a green zone, above the other resistance area. RSI is below 50 and MACD is showing an ascending wave on going. Traders can be waiting for the price line to have another retest of the green support zone, Then they can enter long position, starting at 140-140.2 and heading to 141.6 – 141.8; the other target for the ascending wave could be considered on 142.54 – 142.86.
Please note that, in case the price line breaks below 139.666, the chance for an ascending wave to occur, would highly reduce.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.