CHFJPY Breaking above the 1D MA50 and confirming the buy.

19 thg 12, 2023

The CHFJPY pair hit our 169.100 bullish target, after the 1D MA50 (blue trend-line) held, as presented on our November 06 call (see chart below):

The current Bullish Megaphone that it has been trading in, has been very consistent. The recent Higher Low was made on the 0.786 Fibonacci retracement level such as the October 03. That was the first buy signal but now that the price is breaking above the 1D MA50 (needs to also close the candle above), we have the confirmation. On top of that, the 1D MACD is about to form a Bullish Cross.

The previous Higher High was priced exactly on the -0.236 Fibonacci extension so as a result we will target the new -0.236 Fib at 172.500.

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