Every week we are looking at which currency pairs are moving and trending. What is worth following right now? We like to name these currency pairs “the star of the week“.
This time we are giving you a technical analysis for a currency pair that we really want to look at, the CHFJPY. We will definitely watch this pair very carefully for the next few days.
Are you trading CHFJPY?
Why I think CHFJPY will be the star of the week
A quick look at the CHFJPY currency pair
MONTHLY shows this pair in a channel between 1.38578 – just below the .382 and 1.16111. The rsi is in the buy zone and appears ready to start moving up to the sell zone. This pair should reach the top of the channel which means it will have to cross the down trend line. This will give 2,093 pips.
DAILY shows this pair has been ranging between 1.21805 and 1.16164. Right now it is in the middle and with the rsi below the sell zone, indicating more up movement to come this pair should reach the top of the range at 1.21805 giving 363 pips.
HOURLY shows this pair bounced of the up trend line into a series of up movement and is now sitting just below the .382 at 1.18441. The rsi has just left the buy zone and is moving up toward the sell zone. This pair should reach the .786 at 1.18800 and give 43 pips.
NZD USD in the news
NZD/USD has been trading on a bullish trend since the middle of March,when this pair came back from the dead, following the big crash from the coronavirus outbreak. This forex pair made a strong reversal during the second half of that month and after some slight upward momentum during April and May, the momentum picked up pace in June.FX Leaders think that MAs Keeping NZD/USD Bullish Again This Week
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Was this article helpful for you? What do you think of the USD MXN and EUR JPY currency pairs? I often use Pivot points in my analysis. I have already written an article where I explained in detail how target trading works.
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