CHF/JPY 4H Chart: Reaches Long Term Support

Source: Dukascopy Bank SA

Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Sell Sell Sell
Alligator (13; 8; 5) Sell Neutral Buy
SAR (0.02; 0.2) Buy Sell Sell
Aggregate

The previous forecast for the Swiss Franc against the Japanese Yen lasted only in the short term. On a medium scale a medium term resistance line showed enough strength for the pair to descend in a new pattern.

Most recently the descending channel pattern has reached a massive scale long term support line. The line is strengthened by various levels of significance that surround them. 

Below it the weekly and monthly S1s are located at the 114.40 mark. Just above it, at 114.70 level, the 23.60% Fibonacci retracement level is located at. All of these levels together with two clusters of resistance at 115.00 and 115.40 are likely going to squeeze in the pair.

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.