CHF/JPY 1D Chart: About to be squeezed in

1 déc. 2017The two top risk off currencies have reached a critical level on the daily chart one against another. The pair recently bounced off the lower trend line a dominant pattern and moved to the resistance of a junior channel down.

The resistance is strengthened by various additional resistance levels near the 114.50 mark. Due to that reason a decline down in the future can be expected. However, downwards there are set to be various support levels before the pair reaches it eventual target near the 113.35 level.

At that level the dominant patterns support line is located with other weekly and monthly support levels.

18 déc. 2017

Commentaire

Recent development have caused trouble on the CHF/JPY charts. In general a breakout from a triangle pattern was expected to the upside, as the dominant pattern has the form of an ascending channel.

However, that has not occurred properly. The currency exchange rate has two times pierced the resistance line of the junior pattern, but the resulting surges were quickly stopped by various resistance levels.

Although, this indicates that the rate should eventually surge higher, if the support line of the dominant channel holds its ground.