What happened? It looks like the decline in EUR/CHF to 1…
CHF/JPY broke support area
2019-11-11 • Updated
- CHF/JPY broke support area
- Next sell target -113.60
CHF/JPY recently broke through the combined support area lying between the support level 114.50 and the support trendline of the wide daily up channel from the middle of September. The breakout of this support area accelerated the active minor ABC correction (ii) from the start of February. CHF/JPY is expected to fall further toward the next sell target at next support level 113.60 (monthly low from January and the target price for the termination of the active correction (ii)).
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.