FX.co ★ CHFJPY bearish continuation! | 19th Nov 2021

Prices are on a bearish momentum and have recently broken out of our descending trendline. We see potential for dips from our 1st resistance at 123.433 in line with 61.8% Fibonacci retracement, 61.8 Fibonacci extension and graphical overlap towards our 1st support at 123.012 in line with 61.8% Fibonacci retracement and graphical overlap. Alternatively, our stop loss will be placed at 2nd resistance at 123.689 in line with 78.6%, 38.2% Fibonacci retracement and 78.6% Fibonacci extension. Technical indicators are showing bearish momentum.

Trading Recommendation

Entry: 123.433

Reason for Entry:

61.8% Fibonacci retracement, 61.8 Fibonacci extension and graphical overlap

Take Profit: 123.012

Reason for Take Profit:

61.8% Fibonacci retracement and graphical overlap

Stop Loss: 123.689

Reason for Stop Loss:

78.6%, 38.2% Fibonacci retracement and 78.6% Fibonacci extension