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CHF/JPY Trade Analysis 12-05-21





Bears are engaging the charts for this pair with CHF/JPY a high priority on the watchlist. There is confluence across the time frames that makes for a compelling bearish case for the cross.

The following is a top-down analysis that illustrates where the next opportunity for the bears could emerge from a break of support on the hourly charts.

Monthly resistance is being tested and while there are still prospects of an extension of the monthly impulse, the lower time frames could offer a meanwhile downside opportunity.

The rising wedge formation is regarded as a bearish chart pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows.

The fact that price is testing strong monthly resistance is an extra conviction of the downside bias, however, important to consider both sides when trading.

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