CHFJPY expected to bottom soon. Unique long-term buy opportunityThe CHFJPY pair has been trading within a long-term Channel Up pattern for more than 2 years (since the September 22 2022 High). More recently on September 16 2024, the price bottomed on its Higher Lows trend-line and the subsequent rebound to the 0.786 Fibonacci retracement level, initiated a new pull-back that broke yesterday below its 1D MA200 (orange trend-line).
This is identical to the Channel's previous bottom formation in January 2023. The rebound that followed also got rejected near the 0.786 Fib and retraced all the way to the 0.236. Then it started a relentless Bullish Leg all the way to the 2.0 Fib extension. Even the 1W RSI sequences between the two fractals are identical and we are at the point where the RSI is about to break below its MA and give the buy signal.
As a result, we turn bullish on the CHFJPY pair, targeting 188.000 (near the top of the Channel Up).
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