CPY/CHF potential long trade

Randy BalcomTradesLeave a Comment

This trade is based on a recent oversold daily chart and 1 hour chart in the CHF/JPY pair. On the weekly we have a wedge shape developing with open room above.

On the daily, similar situation, pullback into a longer term trend. HOWEVER PRICE IS MODERATELY OVER BOUGHT AND THE MOST RECENT HIGH WAS NOT PENETRATED. 

The hourly is developing a double bottom and if price holds, a trade should develop above 110.696.

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