CHF/JPY 1H Chart: Franc approaches channel line
The Swiss Franc was trading in a descending triangle against the Japanese Yen for seven months. This long-term pattern was breached mid-December when a short-term channel up prevailed, thus pushing the rate as high as the 116.10 mark by early January.
Meanwhile, the massive plunge apparent during the previous trading session has sent technical indicators at low levels. This suggest that the Franc might push for a slight correction north; however, it should eventually fall down to the bottom channel boundary circa 114.10. This area is likewise reinforced by the weekly S2 and the monthly S1.
In terms of the aforementioned short-term correction, the nearest resistance is provided by the monthly PPs and the weekly S1, while a more significant northern barrier could be the 55-, 100– and 200-hour SMAs near 115.60.
Meanwhile, the massive plunge apparent during the previous trading session has sent technical indicators at low levels. This suggest that the Franc might push for a slight correction north; however, it should eventually fall down to the bottom channel boundary circa 114.10. This area is likewise reinforced by the weekly S2 and the monthly S1.
In terms of the aforementioned short-term correction, the nearest resistance is provided by the monthly PPs and the weekly S1, while a more significant northern barrier could be the 55-, 100– and 200-hour SMAs near 115.60.
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