Nice 1-hour Set-up On The CHFJPY
August 8, 2013 (4:35 pm) – The CHFJPY pair has slipped to a low of around 104.40 after breaking below its previous low of 105.00. The pair, however, has rallied and made a ‘return move’ or a ‘throwback’ back to its former support at 105.00. As expected, the previous support switched its role to resistance and halted the pair’s rise. After hitting a wall at 105.00, the Japanese yen strengthened again against the Swiss franc, causing the pair to fall back near its recent low at 104.40. 3 scenarios may happen from here on. 1) The pair may rally towards 105.00 before falling again to around 104.50. 2) The pair may rally and break its resistance at 105.00 and reach its next resistance at around 105.60 following the break. 3) The pair may fail to rally and instead break its support and head to a downside target of around 104.00.
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