Expecting a slower than usual day on the UK market as it is Bank Holiday. However a market that I’m looking at for potential profit is the CHFJPY by looking to the down side.
Looking at the daily chart we see that this week there has been a break of the to previous highs that were forming a resistance. We are also piercing the edge of the Bollinger band which signifies an over extension of the market. Additional to this at this juncture I note that we can see a 50% retracement area formed by the highs of Feb 2018 and the low in May. This could be a continuation to the upside as I don’t see any resistance areas in the higher timeframes.
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