CHF/JPY: Bulls are seeking for the upside extension.

General overview:  Bulls are seeking for the upside extension again and headed towards the bullish impulsive in the market. The bulls will seek to protect the upside and target the weekly objective. The bulls are seeking to for strong buy side in the market. The market  is in range bound position from last some days but after breaking the breakout level they travels towards the high side in the market. The pair is still pointing the upside and waiting the bulls to go aggressive in the market. The bulls are getting major strength from the market and leads towards the high side in the market. On the weekly chart we can see that market created rounding bottom in the market as ready for the again buy side in the market.

Technical analysis: From the technical point of view we can say that, market is headed towards the upside position in the market, the bulls is getting stronger and leads towards the north direction in the market. On the 4 hourly charts the market creates the swings towards the down side but as for the intraday traders point of view we can say that market will stand towards the buy side, if it breaks its strong point 200 SMA level in the market. As, we suggest the traders to buy from the dips and leads towards the buy side in the market. On the hourly chart the market is creates the buy swings in the market. The pair is getting support from the EMA and SMA lines and headed towards the buy side in market. the indicator are also supporting the market as RSI is rise above the 50 level and creates the buy situation in the market as well as MACD will also create buy after rising zero level . The support level will be 116.50 followed 116.00 and resistance will be 117.50 followed 118.00.

Trade idea: Our trader will sit on the buy side at level 117.08 target will be 117.60 followed 118.20 and stop loss will be 116.30.



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