Forex Opinion & Analysis

CHF/JPY Could Test Major Support at 169.70 Amid Bearish Momentum

Forex Strategy is Bearish: We are currently @ 171.58 in the top of a channel. If we can get a short bounce here, we are looking for a continuation to the ATR target @ 170.84 area, with a  big area below to the 0.214 Fibo @ 169.70.  Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 129 pips per day and it’s 90-day average is 143 pips per day.

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