From Investor to Scalper – series of studies created in cooperation with broker BDSwiss, in which we take a financial instrument and the analysis includes a detailed look at the value from the monthly chart and ending with 5/15 minutes.
CHFJPY currency pair due to ongoing since June 2015 declines reached important support at 104.00 where was bullish response as a result of which nearly three months we saw increases.
Looking at the weekly chart we see that as a result of recent increases market has already defeated the downtrend line and in the near future we expect to test the 116.50 level area where can appear bearish response.
On the daily chart, we see that market this week broke top of a very important area of supply which could argue for continuation of growth in near future. It should be noted that demand increasingly lacks dynamics and market for a long time did not perform any deeper bearish correction.
At H4 chart we can see that for several weeks market moves in a channel and that to change overall growth scenario to a bearish first we’d have to break the bottom of the formation.
Looking at the H1 chart we notice that since Monday afternoon, when it overcame the resistance of 113.40 market moves in consolidation, which lower limit coincides with the level of 38.2% Fibonacci correction.
Use analysis to invest with Broker BDSwiss, with whom at the time of the creation of the analysis the spread on the CHFJPY pair was 1.9 pips.