Hello Traders,
Here is the Top-Down Analysis of CHFJPY (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 43 - 19 Oct
M > Market reached monthly resistance which is also a major structural level (last touch was in Sept 2018) that has pushed price to the downside on each occasion. Hence we can expect a drop.
W > Price dropped to complete W formation and continued further till demand zone coinciding with 0.5 Fib level on last monthly bullish impulse. Price reversed to move up till 0.618 Fib level on last weekly bearish impulse and reversed again to the downside.
D > We saw an M formation and price moved up to test the neck and complete formation. We expected price to drop but it continued to rise up and faced rejection at daily supply zone.
As per COT CHF saw closure of few Long and addition of Short positions, reducing net positions whereas N-R saw addition of both Long and Short positions increasing cumulative net positions. SXY further improved its position during the said week. However SXY weakened last week. JPY saw addition of few Long but more Short positions reducing net positions further. JXY lost its position for the said week but ended with a Doji. However JXY improved its position last week but again ended with a Doji.
4H > After drop price is stuck at demand zone it created during its last bullish move. We expect a break to the down side to test weekly demand zone. However we also have an upward support trend-line to consider where price can reverse.
Pair Correlation > CHFJPY has positive correlation with EURUSD and EURJPY and negative correlation with USDCHF.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
Here is the Top-Down Analysis of CHFJPY (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 43 - 19 Oct
M > Market reached monthly resistance which is also a major structural level (last touch was in Sept 2018) that has pushed price to the downside on each occasion. Hence we can expect a drop.
W > Price dropped to complete W formation and continued further till demand zone coinciding with 0.5 Fib level on last monthly bullish impulse. Price reversed to move up till 0.618 Fib level on last weekly bearish impulse and reversed again to the downside.
D > We saw an M formation and price moved up to test the neck and complete formation. We expected price to drop but it continued to rise up and faced rejection at daily supply zone.
As per COT CHF saw closure of few Long and addition of Short positions, reducing net positions whereas N-R saw addition of both Long and Short positions increasing cumulative net positions. SXY further improved its position during the said week. However SXY weakened last week. JPY saw addition of few Long but more Short positions reducing net positions further. JXY lost its position for the said week but ended with a Doji. However JXY improved its position last week but again ended with a Doji.
4H > After drop price is stuck at demand zone it created during its last bullish move. We expect a break to the down side to test weekly demand zone. However we also have an upward support trend-line to consider where price can reverse.
Pair Correlation > CHFJPY has positive correlation with EURUSD and EURJPY and negative correlation with USDCHF.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
