CHF/JPY 31.08.2017
Our expectations: Middle-term uptrend, middle-term downtrend. We see that the change in the price movement took a declining direction after the lower top. The price corrected to horizontal resistance and did not managed to break above it, which gives us possibility for a short position.
Comments: Price action signal: Pin bar at levels of horizontal resistance, SMA 50 and FiBo 50.0. Technical indicator: CCI(50) - still below 0, the negative sentiment is still on track. Positive sentiment for JPY - considering the geopolitical uncertainty , the investors are directing toward hedging instruments like JPY.
Alternative scenario: If the price breaks above the horizontal resistance and SMA 50, the negative scenario will be dismissed.
SL: 115.70
Trader Bozhidar Arabadzhiev
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