Get started
Magnate7

Swiss-Franc Retesting the Supply Area from 1979

Short
Swiss Franc / Japanese Yen (FX:CHFJPY)  
Magnate7  
FX:CHFJPY   Swiss Franc / Japanese Yen
Trend Analysis Wave Analysis Beyond Technical Analysis chf-jpy Supply Zone supply_and_demand
6
4
trendanalysis waveanalysis beyondta chf-jpy supplyzone supply_and_demand
snapshot
1. On September 2022, Price bounced back off the Supply Zone from 1979.This event was a significant reaction to this are because this Supply was Original & Fresh,
2.meaning Original Supply zone was formed out of nowhere or wasn't based on previous Supply or Support/resistance technical aspects. And Fresh Implies This price area has never been tested and its of importance because it took 43 years fro Swiss Franc to reach this price area.
3. Price headed to test this Supply area of 1520.000-159.000 again,

snapshot
1.Based on Weekly Chart , Price might pierced up to the 151-150 price area.
2. sellers were already shown there interest to sell the market from the 150 price area.
3. Its reasonable to wait and find convictions to sell in Daily Chart.

Note: It may take 2-4 weeks or even 2-3 months to initiate the Bear Rally.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.