Good Day Boy and Girls...Currently looking for a buy on CHFJPY . we are in a descending channel after a bearish impulsive which signal us a reversal in price. Price had strong impulsive move up and currently inside a continuation bullish flag on the 15M timeframe.
Looking to enter on break of correction to the upside and looking for a break of bigger structure and...
Some say that the DJCFD is a good indicator for the general stock market, eg SP500.
If DJCFD does well, the others will do well.
This past week, as per the weekly chart, we can see a solid bullish candle close above a main resistance.
Before its retests this resistance level, I am leaning towards it reaching to the upper part of this regression channel...
Overall LONG trend on the pair that needs to be supported by a short-term sell for the rally to continue to the upside.
Market printed a 'W' formation on the Weekly and the SHORT is based on the retracement to the neckline of the structure.
Confluence is further supported by an increase in LONG contracts of Hedge funds in Canadian Dollar, strengthening CAD...
Price now testing our area of resistance and we have divergence on the 4 hour time frame. Looking for price to drop down to support at the very least, with the potential to complete the head and shoulders pattern bringing down to 1.82000 region. Of course if price rejects our area of support then price will continue pushing back up.