CHFJPY Technical Analysis - Monthly Forecast for 2015: Primary Bullish Breakout

CHFJPY Technical Analysis - Monthly Forecast for 2015: Primary Bullish Breakout

25 November 2014, 06:11
Sergey Golubev
0
205

MN price.
Ichimoku Analysis

The price is on bullish market condition which was started for the first month on close MN1 bar. Chinkou Span line is induicating the strong breakout, and Ichimoku cloud/kumo is too far from the price.

  • If the angle of Chinkou Span line will be continuing to be moved at the about 45 degrees so the bullish breakout will be continuing.
  • If this line will be moved in almost horizintal way so we may see the secondary ranging or secondary correction within the primary bullish. So, watch the line angle! :)

Support & Resistance Analysis

The nearest resistance line is 117.86 which was broken on open MN1 bar, and key support level is 111.22 which is located below trendline.

  • If MN1 price will break 117.86 resistance level on close monthly bar so the primary bullish breakout will be continuing.
  • If MN1 price will cross 111.22 support level so we will see the secondary correction within the primary bullish market condition..
  • If not so the price will be ranging between 1117.86 resistance and 111.22 support.
Resistance
 Support
117.00
111.22
117.86
91.79

To make it shorter - I am expecting for bullish breakout to be continuing for whole 2015.

Trading Summary: bullish

If we look at patterns for MN1 timeframe so we can see Crab forming pattern for downtrend:



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