The option for today is a series of articles about 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.
CHFJPY has been trading in a horizontal trend for a week. As a result of today’s upswing, the market has reached the upper limit of this consolidation, where the first supply reaction has already occurred. Permanent rejection of this zone could open the way to declines. The scenario is supported, at least technically, that consolidation is a form of time correction, which is more likely to occur in the direction of the earlier trend. In the short term, therefore, it is worth considering the PUT option on this instrument.
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