We published an analysis on 30th July, observing CHFJPY in daily time frame, emphasizing on failing to break out of our resistance at 121.0, which we will now be  a good oppotunity for going short on Swiss Franc versus Japanese Yen because the pair did manage to move above the targeted price but eventually got dovish and failed to sustain its bearish momentum above 120.0 for long. We also focused on CHFJPY managing to keep up with a bullish stance by moving ahead of our intraday exponential moving averages towards its daily final highs which might have constructed some hawkish sentiments on the pair. As we are aware that the pair had been a part of the corrective structure since its breakout in June and has made more of a complex corrective structure, providing retail traders with a range bound situation between 121.0 acting as a strong resistance and 119.25 as our major price action support. From current market scenario CHFJPY failed again since last few days to break above our key price action with a prominent bullish closing above i.e 121.0 and has landed below our four hourly exponential moving averages 8, 13 and 21 which is indicating more bears in control and will be pushing the pair down. 

BULLISH AND BEARISH POSSIBILITIES/ CONDITIONS :

We need to be cautious of a view things in terms of CHFJPY having the capacity to go bullish, first is the exponential moving average 50 in daily that is current standing below the market price. Second is the exponential moving average 50 and 200 in four hourly chart - lying below the current market price. Thirdly the market did actually break the 121.0 benchmark and retraced from 121.18, the current market movement can also be just a simple bearish retest before going bullish. But now coming to our bearish possibilities, the pair stands below our 50% fibb retracement level, second should be the 121.20 price action acting as a resistance and third is the bearish complex corrective structure still in progress in daily while in four hourly chart the bearish correction has just begun. 

CHFJPY H4

Aug 04 2021