CHF/JPY Falls as Sellers Take Charge
Technical Analysis
The daily chart of CHF/JPY reveals a bearish break of the recent ascending trendline. This breakdown indicates weakening bullish momentum and raises the likelihood of a potential bearish reversal. Additionally, the widening of Bollinger Bands suggests increased volatility, with the price trading in the lower half of the bands, signalling stronger seller control.
The pair has also broken below the recent support level at 173.388, moving towards the 127.2% Fibonacci extension at 172.651. Should this level fail to hold, sellers are likely to target the next support levels at 172.266 and 171.713. If downward momentum persists, the ultimate target could be the 200% Fibonacci extension at 170.678.
Alternative Scenario
For the bearish outlook to be invalidated, CHF/JPY must climb above the 61.8% Fibonacci resistance at 174.423.
The daily chart of CHF/JPY reveals a bearish break of the recent ascending trendline. This breakdown indicates weakening bullish momentum and raises the likelihood of a potential bearish reversal. Additionally, the widening of Bollinger Bands suggests increased volatility, with the price trading in the lower half of the bands, signalling stronger seller control.
The pair has also broken below the recent support level at 173.388, moving towards the 127.2% Fibonacci extension at 172.651. Should this level fail to hold, sellers are likely to target the next support levels at 172.266 and 171.713. If downward momentum persists, the ultimate target could be the 200% Fibonacci extension at 170.678.
Alternative Scenario
For the bearish outlook to be invalidated, CHF/JPY must climb above the 61.8% Fibonacci resistance at 174.423.
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