Hello Traders,
Here is the Top-Down Analysis of CHFJPY (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 45 - Nov 02
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 and price is dropping as expected.
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 dropped to the downside.
D > Price has created an M formation on its way down, we can expect a reversal to the upside for it to test the neck and complete M formation. Price can drop till daily demand zone before reversing.
As per COT CHF saw addition of Long and closure of Short, improving net positions further. SXY was strong during the said week but it lost steam last week. JPY saw closure of Long and major Short positions improving net positions however N-R added major Long and few Short positions, improving cumulative net positions. Commercials have added both Long and Short positions, bringing their Shirt positions to highest in current year, in effect increasing total open interest in JPY. JXY improved its position during the said week and further improved it last week.
4H > Price is currently moving in bearish trend creating LH and LL but loss of momentum can be seen. Price can continue to drop further down before reversing for bullish trend.
Pair Correlation > CHFJPY has positive correlation with EURJPY, CADJPY nad EURUSD and EURJPY and negative correlation with USDCAD and 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 45 - Nov 02
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 and price is dropping as expected.
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 dropped to the downside.
D > Price has created an M formation on its way down, we can expect a reversal to the upside for it to test the neck and complete M formation. Price can drop till daily demand zone before reversing.
As per COT CHF saw addition of Long and closure of Short, improving net positions further. SXY was strong during the said week but it lost steam last week. JPY saw closure of Long and major Short positions improving net positions however N-R added major Long and few Short positions, improving cumulative net positions. Commercials have added both Long and Short positions, bringing their Shirt positions to highest in current year, in effect increasing total open interest in JPY. JXY improved its position during the said week and further improved it last week.
4H > Price is currently moving in bearish trend creating LH and LL but loss of momentum can be seen. Price can continue to drop further down before reversing for bullish trend.
Pair Correlation > CHFJPY has positive correlation with EURJPY, CADJPY nad EURUSD and EURJPY and negative correlation with USDCAD and 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
