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Chfjpyforecast

128 before stronger correctionWe're wrong about this pair this week, the strong bullish conviction shown at the 123.5 level is information that we cannot ignore, there should be more upside coming for this pair but we think price action will be choppy. BULL CASE The structure should be complete once price corrects to near the 124.0 levels and after that we are targeting 128 where a stronger resistance will be met. BEAR CASE Do not be surprised if we get a stronger correction before the upside comes, it is possible but unlikely that price retest 123 before the bull case is fulfilled.
Long
by IkanBilisCapital
CHFJPY | Perspective for the new week | Follow-up detailsFollowing a 100pips move in our direction since my last publication on this pair (see link below for reference purposes), I see a short term opportunity as the current structure in the market insinuates that a temporary decline in price is imminent after observing a significant Breakdown of JY119.500 in the course of the last week trading session. b]Tendency: Downtrend (Bearish) Structure: Supply & Demand | Trendline | Reversal pattern (Breakdown) Observation: i. If we go as far back as August 2021, we will observe multiple rejections of the JY120.5000/120.000 zone; a feat that suggests a strong zone for the demand of Japanese Yen. ii. The visual representation of a line drawn under pivot lows in the last couple of weeks reveals the prevailing direction of price action which culminated at a peak of JY120.210 before the downward spiral. iii. The sudden Breakdown of this Bullish trendline during last week trading session reveals that buyers lost momentum. iii. However, It is worthy to note here that we are still within a good demand zone (JY119.000/119.200) for the Swiss Franc. iv. Following the Breakdown of the Key level @JY119.500, the retest of the Key level on Friday signals a change of baton as I anticipate a takeover from the sellers in the coming week. v. In this regard, below Key level remains a comfortable zone to sell the Swiss Franc with an opportunity to add to our existing position if the Demand zone no longer holds the selling pressure. vi. In the meantime, the Bearish bias on this pair remains temporary... Trade consciously!😊 Trading plan: SELL confirmation with a minimum potential profit of 100 pips. Risk/Reward : 1:3 Potential Duration: 1 to 4days 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 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