CHFJPY: New Sell Opportunity

In the related ideas, you can find the sell trade and the market overview based on the daily timeframe for this market.
In this post, I would like to provide more details, which will support the previous sell opportunity and help you to catch a downward movement after a pullback.

The 1H chart confirms the price reversal from the resistance zone at 111.800 and gives us a trend reversal signal. This signal is based on bearish divergence and a breakout below the local uptrend line. Also, we get lower swing highs and lows.

MACD lines and histogram support the downward movement. DMI is bearish, and ADX line moves upward. It tells us that sellers become stronger. The price broke SMA100, and it is another bearish signal.

If you missed the sell trade, you will be able to join a new downtrend after the pullback. RSI is at the oversold zone. We have another solid support line as SMA200. The price can bounce from it and move upward. It will be a correction movement in the bearish structure. If you see a reversal signal from 111.600 resistance, you can think about opening a sell trade with stop orders above 111.800 level. It is not financial advice. I just describe a possible trading plan which you can combine with your own research. Don't forget that trading is risky, and only you can be responsible for your trading.

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