CHFJPY is breaking above the second channel half median line
On the Monthly CHFJPY chart, we can see that the pair is breaking above Andrew’s Pitchfork long-term downtrend channel second half median line 115.60. This breakout could lead to an extension to 135 in the long run as the pair is above this broken level. We could see a pullback from here as the rising wedge is formed and is warning about the pullback for a retest
On a Daily chart, we can see a new uptrend Pitchfork channel formed and the pair is just testing the Median line along with the rising wedge resistance line 120.700. Although we could see an overthrow above this level we are looking for a pullback before taking a long trade entry on this pair and are opting for a short swing trade entry with the stop loss above 121.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts. To learn more about Andrews’s Pitchfork tool trading strategy register for education.
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