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Chfjpyforecast

CHFJPY | Perspective for the new week | Follow-up detailsWe had a 100pips move in our direction since my last publication (see link below for reference purposes) and with the current structure in the market, it appears we are back on the track of a rally continuation which I projected on the 11th of July 2021 (see speculation in the link below). With the anticipation of the Swiss Producer and Import price later on in the coming week- an event termed as non-high impact, the indecision that gripped the market in the last couple of months could be coming to an end as I look forward to taking a long position on this pair as only if price action remains above my Key level @ Y119.700. Tendency: Uptrend (Bullish) Structure: Breakout | Supply & Demand | Reversal pattern (retracement) Observation: i. Like I stated in my publication on the 11th of July 2021 (see link below); The Swiss Franc lost all it had gained (over 300pips) between 29th of April and 15th of June 2021 and at the time of writing this report price remained effectively "supported" at Y119.000 tagged the Demand zone. ii. Considering the Bullish long-term perspective on this pair (see daily/weekly chart) and the inability of sellers to push below Y119.000 in the last two months, the consolidation phase that started mid-June 2021 has a tendency to do a Breakout in the coming week(s). iii. Multiple rejections of Y119.400 in the latter part of last week trading session is a clue that Bullish momentum is building in the background. iv. In this regard, I look forward to a significant breakout of Trendline which will make a confluence of Key level @ Y119.700 in the near future and a possible transition into a harmonic pattern (AB = CD) with parameters explained below; a. Impulse A-to-B is expected to be in harmony with the potential C-to-D leg. b. The B- to-C leg is currently at 61.8% Fibonacci retracement (with a possibility of retracing into 78.6%) of the A-to-B leg. c. The C-to-D leg is expected to fall within 127.2 - 1.414% Fib. ext . of the A-to-B move @ Y122.000/122.200 area. v. As long as the event unfolds to us as speculated, an opportunity to add a position may present itself to us when price successfully do a breakout/retest of Y120.000... Trade consciously!😊 Trading plan: BUY confirmation with a minimum potential profit of 200 pips. Risk/Reward : 1:7 Potential Duration: 6 to 10days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
CHFJPY | Perspective for the new week | Follow-up detailsWith a break-even position on this pair and considering the appearance of a Double top structure, I suspect that price is going through a correction phase in anticipation of a rally in the coming week hence an opportunity to take a quick trade in the opposite direction of my last speculation arises (see link below for reference purposes). Tendency: Downtrend (Bearish) Structure: Breakdown | Supply & Demand | Reversal pattern (Double Top) | Trendline Observation: i. Since the 20th of July 2021, the price has continued to find a higher high and appear to have found a roadblock @ Y121.200 following a double rejection of this level. ii. Double Top: The appearance of an extremely bearish technical reversal pattern after the price reached a peak two consecutive times (Y121.200 & Y121.130 respectively) with a moderate decline between the two highs and it is confirmed when the price fell below support level equal to the low between the two prior highs (Neckline @ Y120.500). iii. In view of my last speculation on this pair, I suspect that the double top at this juncture in the market signals a medium-term trend change in price with the anticipation of a rally in the nearest future. iv. In this regard, the neckline remains a Key level for a short-term bearish continuation. v. Please note that the early hours/days of the new week might see price climb to test Y120.750/120.900 area to incite bearish continuation...Trade consciously!😊 Trading plan: SELL confirmation with a minimum potential profit of 80 pips. Risk/Reward : 1:3 Potential Duration: 2 to 5days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
CHFJPY | Perspective for the new week | Follow-up detailsWe witnessed over 500pips move in our direction since my last publication on this pair (see link below for reference purposes) and it appears we are at another juncture where a possible Trend continuation is looming. The general risk-off tone of the markets is very likely to surge the Swiss franc into a higher high as I anticipate a Breakout/retest of Neckline @ Y120.700 area to clear all doubts off of Bearish tendencies. Tendency: Uptrend (Bullish) Structure: Supply & Demand | Reversal pattern (Double Bottom) Observation: i. In the view of a long term perspective that projects Bullish expectations, it is pertinent that we notice that price has continued to remain above Y119.000 since it broke above this level on the 29th of April 2021. ii. The Swiss Franc lost all it had gained (over 300pips) between 29th of April and 15th of June 2021 and at the time of writing this report price has come back to settle at the Demand zone where the Bullish run started. iii. The price consolidating between Y119.000 and Y120.700 confirms the indecision that has gripped the market in the last 3 weeks which also calls for patience if we plan to trade this pair in the coming week(s). iv. The appearance of a Double Bottom (an extremely bullish technical reversal pattern) inside the Demand zone expresses a build-up that supports a change in trend and a momentum reversal from prior leading bearish price action as the twice-touched low @ Y119.000 area confirms this zone to be a strong support level (as long as it is not broken). v. Considering the Impulsive Bearish move prior to the consolidation phase; I look forward to a Breakout of Neckline (key level @ Y120.700) for confirmation to hop in a rally. vi. It is also necessary that I state here that the Demand level is exactly at a 61.8% retracement of a Bullish Impulse leg on a higher time frame (see weekly chart). vii. Even as I remain unable to rule out a possible breakdown of Demand zone, Break out of key remains our yardstick for Bullish expectation in the coming week (s)... Trade consciously!😊 Trading plan: BUY confirmation with a minimum potential profit of 300 pips. Risk/Reward : 1:5 Potential Duration: 7 to 15days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
CHFJPY more room the upsideLast Week CHFJPY tested demand & rallied to the upside breaking the minor downtrend market structure. Currently market is in imbalance between 120.20 & 120.70. My bias for this market is bullish unless it makes a new lower low and breaks the current market stucture. From Daily timeframe CHFJPY seems bearish but last week it failed to make a new lower. So, hopefully with a bullish price action this pair can shoot up to the major supply area to fill out the void of the market before it falls down.
Short
by DontStopTrading
1
CHFJPY long trade idea Daily chart in a bullish trend H4 chart - initiated bullish trend and had retraced to 50% fib level, rejecting from a previous level of resistance (H4 projection projection -27% fib level) 30m chart - Break of resistance creating a new high after a double bottom, was waiting for a retracement for to the 38.2%or 50% fib level, however started ranging between 0 and 23.6% and broke the resistance level, entering on the retest of this level as support to try and take at least to previous H4 resistance.
Long
by Inacio_1998
1