CHF/JPY Could Break Out Above 86.50

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CHF/JPY Could Break Out Above 86.50

By The Geared Investor on October 30, 2008 | More Posts By The Geared Investor | Author's Website

I have been watching the 1hr charts for the CHF/JPY pair and I see something forming that I like. I like it because I think I could trade it in either direction. There appears to be resistance at 86.20, where it is forming a double top and can’t seem to break through as of right now. This pair showed that it will stay true to some resistance levels as shown in the chart below when it formed a triple bottom and then had a nice gain. If this pair can break through resistance and run to 86.50-86.70, I think it might have some running room if it doesn’t get there by having a couple big bull candles and then become oversold.

Bender

I would trade this pair on a break above 86.70 if the RSI is under 70. I don’t see any future resistance, and could be looking for a nice 40-100 pip run over a few hours. On the flip side, if this pair has trouble breaking through this barrier, it could be headed for a double top and a quick retraction. I took a look a the news and I don’t see anything in the next few hours that could make this a daring play. As you can see from my arrows I was able to bag over 60 pips in a short time as I caught a bounce off the lower side of the trend.

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