Above is USD/CHF weekly chart. The pair is very close to touch the rising trendline connecting 2 previous extreme lows. I'm expecting candle reversal pattern over the next few weeks. Risk should be limited below the trendline, now at 1.0020/40 (about 115 pips from current price). The best thing about this setup, obviously, is the potential return.
There are so much room upside for this pair (1000 pips or more). If the trend does reverse, the likely target is the falling trendline connecting the highs. And, who knows..there might be a break above the resistance trendline ;)
The pair did not bounce on the broken resistance and reach 129.16, about 35 pips from the previous low. Stochastic indicator shows hidden divergence at this current low, which mean a bullishi signal. Stop remains around 128.70/80, while target is around 131.12 and 131.65 next. Important high is at 133.59, therefore the pair might test that level if the bull is strong.
The pair broke the resistance yesterday during the US session. The price is now making a return move, testing the broken resistance. I expect a second leg up toward 131.70/90 area before NFP. Visible stop is around 128.80. I hope move this to 129.70 area if the price does bounce after this.
Above is Cable 4-hour chart. The pair broke the rising trendline and testing 1.4976 level at the moment. I'll keep my short position as long this level remain intact. Support suppose to be around 1.4872 (March 10th low). Ok thats all. Have a nice day guys!
This is an update from my last post. The pair has reached target at 137.80. The trend in hourly is still bullish but I would wait a break above that 50% Fib level to confirm another move up. Another resistance is around 139.16 which is 61.8% Fib level. On the other hand, GBP/JPY might go down to the support channel again or look for 50% to 61.8% retracement (between 135.5 and 136.00).
