Simple Moving Average(SMA) 50-period (red), 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI attached.
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term support and resistance
Multiple Time-frame Analysis
- Last time, we saw the CHF/JPY refusing to top off, and the question was whether it will bounce from the support areas near 85.25 and break to the upside.
- Today, the market answers with a break above the 88.00 resistance level.
- The market is now target the 91.00-92.00 area which was the highs for 2010. The swing projection as well as channel breakout projections are also pointing towards this zone.
- The 4H chart shows strong price action at the break of the previous high.
- There is however a bearish divergence forming, and the structure of the rally seems to be taken a 5th wave up suggesting a correction is pending.
- In the short-term look for the market to find topping soon, maybe near 89.00. Then after a throwback, we should have more attempts towards the 91-92.00 highs.
Will CHF/JPY Reach the 2010 Highs? We would love to hear what you think.
Subscribe and become a member to share your views and join live discussions as well as webinars about the markets.