CHF/JPY 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Another Yen cross, CHF/JPY, also has been trading inside a symmetrical triangle pattern since the second part of July. This time the pair has more time to determine the direction of the looming breakout since the apex will be reached only on Jul 31. However, the pair is unremittingly trying to break the lower limit of the pattern that coupled with a moderate bearishness on the SWFX – 55% of all orders are placed to sell the currency couple – may lead to the breakout sooner than the pair attains the crossing point of the pattern trend-lines. This is further supported by technical indicators that send a strong ‘sell' signal for short and long terms.
© Dukascopy Bank SA
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