Date and Time of Report: June 19, 2022 1230am CST
The market closed Friday, June 17, 2022, with the US dollar being the strongest and the Japanese yen (JPY) or who I like to call Mr. Jappy being extremely weak. Every other currency beat Mr. Jappy to a pulp. Even Mr. Aussie jumped in tryna throw a punch here and there, although I’m not sure why exactly. His butt was weak too. Second weakest to be exact.
Mr. Swiss Franc, as dapper as ever, was almost as strong as the US Dollar. Any pair with CHF as the base ended the day in the green. If it was in the quote position such as “X/CHF”, it was in the red all day.
WHAT’S THE 411 ON MR. SWISS FRANC THIS WEEK?
When looking at just the Swiss Franc currency, I see a double top and a bearish engulfing that formed at the top of that uptrend (at the end of the chart below) which is indicating a bearish bias (I’m not counting that last little green candlestick as the market closed on that one and it is not fully formed). Additionally, Mr. Swiss Franc needs to find some support as he has gotten away from all the EMAS except the 7 MA which it is currently closed on top of.
It also looks like it has found some strong resistance at $1.0440 which is a line from a higher time frame I plotted.
THE CURRENCY PAIR
I am looking to trade CHFJPY at some point this week. It's giving bullish vibes but a correction is in the making.
CHFJPY is extremely bullish. According to the explanation I gave above, CHF currency is very strong and JPY currency is extremely weak; therefore, it takes more yen or Japanese dollars to get the equivalent amount in CHF dollars. It is near overbought however according to the RSI. On the 1HR chart, price is sitting and consolidated on the 7 EMA as the trading day closed.
Also, remember, CHF currency has a bearish engulfing. CHFJPY has a well defined bearish engulfing on its 4hr chart (see below…it almost looks identical to the CHF currency chart I showed above).
INTRADAY TRADE ANALYSIS
If you decide to short this pair, 137.625 to 137.503 are key strong support levels that you may look to take profit at. This area is also where the 50 and 55 moving day averages are sitting where it may find support.
DISCLAIMER
Keep in mind, I do not consider myself a technical or a fundamental trader NEITHER AM I STATING THAT YOU SHOULD GET INTO ANY COIN OR FOREX TRADE AT THIS MOMENT OR EVER.
This is not financial advice.
CONCLUSION & GIFTS
That’s it for today.
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