CHFJPY buy tradeBased on the latest technical analysis for the CHF/JPY pair on the H4 (4-hour) chart, here's a bullish perspective:
1. *Support Levels: The CHF/JPY pair has shown support around the **167.450* level, indicating a strong base for potential upward movements³.
2. *Moving Averages: The pair made a breakout above the simple moving average 30, which is a bullish signal. However, it's important to note that there was a strong rejection in the next candle, closing within **169.620*³.
3. *Technical Indicators*:
- *RSI (14): The Relative Strength Index is at **53.97*, which is neutral and suggests that there is room for upward movement before the pair becomes overbought².
- *MACD (12,26)*: The Moving Average Convergence Divergence is showing a slight sell signal, but this could be part of a larger bullish consolidation pattern².
- *ADX (14): The Average Directional Index is at **26.566*, indicating a moderate trend strength that could support a bullish trend continuation².
- *CCI (14): The Commodity Channel Index is at **147.7246*, which is a strong buy signal indicating bullish momentum².
4. *Pivot Points: The current pivot points suggest that the pair has room to move upwards, with resistance levels to watch at **169.10* and *169.15*².
5. *Overall Sentiment*: The overall sentiment from various analysts suggests a bullish outlook for the CHF/JPY pair, with expectations of further rises¹.
Please note that while the analysis points towards a bullish sentiment, the forex market is highly volatile and subject to rapid changes influenced by economic events, news, and other factors. It's crucial to use proper risk management and stay updated with the latest market developments.
