On weekly timeframe, CHFJPY has reached an overbought zone (RSI), an intersection between upper channel and horizontal support.
On lower timeframe, we've seen a big rejection recently, and then a correction upward : here we reach the 80~88% fib levels of the last rejection (D1), with a bearish engulfing pattern yesterday. This behavior can be a potential sell signal.
If we follow correlation to compare currencies, we find more confirmation : USDJPY has reached very high levels too fast, becoming overextended, and JPY will probably start a correction soon, meanwhile USDCHF is retesting a daily resistance for the fourth time, giving bullish signals, not yet an overextended move.
Goodluck,
Joe.
On lower timeframe, we've seen a big rejection recently, and then a correction upward : here we reach the 80~88% fib levels of the last rejection (D1), with a bearish engulfing pattern yesterday. This behavior can be a potential sell signal.
If we follow correlation to compare currencies, we find more confirmation : USDJPY has reached very high levels too fast, becoming overextended, and JPY will probably start a correction soon, meanwhile USDCHF is retesting a daily resistance for the fourth time, giving bullish signals, not yet an overextended move.
Goodluck,
Joe.
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Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.