CHF/JPY Daily Price Forecast – 18th Feb 2020

CHFJPY produced a bullish daily candle at a support zone yesterday. On the H4 chart, today’s first H4 candle came out as a strong bearish candle closing within that level of support. As of writing, the current H4 candle has been bullish. If the candle closes as a bullish reversal candle forming at double bottom support, the buyers may go long on the pair above the neckline level. Let us have a look at the H4 CHFJPY chart.

This trade idea was generated by our powerful Elite Swing Trader System on an H4 time frame.

The chart shows that the price had a bounce at the level of 111.710 yesterday. Today’s first candle closed within the level as well. This is a sign that the level may produce a double bottom. If the price heads towards the North and makes a breakout at the level of 111.950, the buyers may trigger a long entry to grab some green pips. The price may head towards the level of 113.070 but may consolidate around the level of 112.570. Let us have a look at the summary of the trade…

• Buy Limit: 111.737
• Stop Loss: 111.326
• Take Profit: 112.103

The market has been sluggish to start this week. It may shift its gear today. If it does, then the market may make a good move this week. However, major pairs seem to be choppy a little after making some big moves on the charts such as the daily and weekly. This suggests that the market may not be a good week as far as price action trading is concerned.

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