The option for today is an analysis cycle for binary options in cooperation with uTrader broker. Every day we present the best PUT or CALL options for a selected financial instrument along with its current technical analysis.
Because of last gains CHFJPY reached area of important resistance at 115.15 where today there was a strong bearish reaction. Looking at daily chart we can notice that rejection of this resistance could create right shoulder of bearish H&S pattern.
On the H1 chart we can see that because of yesterday’s decreases market broke first local support which is now retested as a resistance. We should also notice that this level coincides with 38.2% Fibo retracement and its rejection could open way for further losses. In short term we can consider opening PUT option on CHFJPY.
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