Other reasons why CHF/JPY has reached a critical point.
In my previous idea, I published how the CHF/JPY has reached important fibonacci levels. First it retraced into 61.8% and then I showed how it got bullish a 100% from the same previous fibonacci retracement combined with a resistance long trend line which didn't broke and it seems like momentum is slowing down.
Now i show another different perspective:
The classical pitch-fork. Notice how the resistance, support and median lines touch the price trends with a lot of symmetry. And even though this is a different trend, the new bullish line also touches the median line and stopped there.
Going further, to analyse the median line, we can see how a DOJI occurred, which invalidated the break.
Right now, the price is still fighting into a VERY strong series of resistance trend lines combined with fibonacci's. My speculation is that it follow the fibonacci retracement into 0.382, because not only it will reach that level, but it will touch a horizontal support line. Also, there is a possibility that while it touches 0.382 and horizontal support line, it can touch the pitch-fork support line.
The other scenario is to continue going up into a very bullish price action, like it occurred at the beginning of 2013 crossing the median line.
As always, use stop losses in order to manage your money and make profit in any scenario.
Now i show another different perspective:
The classical pitch-fork. Notice how the resistance, support and median lines touch the price trends with a lot of symmetry. And even though this is a different trend, the new bullish line also touches the median line and stopped there.
Going further, to analyse the median line, we can see how a DOJI occurred, which invalidated the break.
Right now, the price is still fighting into a VERY strong series of resistance trend lines combined with fibonacci's. My speculation is that it follow the fibonacci retracement into 0.382, because not only it will reach that level, but it will touch a horizontal support line. Also, there is a possibility that while it touches 0.382 and horizontal support line, it can touch the pitch-fork support line.
The other scenario is to continue going up into a very bullish price action, like it occurred at the beginning of 2013 crossing the median line.
As always, use stop losses in order to manage your money and make profit in any scenario.