CHF/JPY 1H Chart: Double Top

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a plunge to a three-month low of 111.69, the Swiss Franc reversed its trend versus the Japanese Yen. In fact, the advance was a part of the double top pattern that now has come to the critical phase when the pair is expected to penetrate the neck-line and then decline sharply. However, CHF/JPY is not rushing to retreat and considering two daily support levels at 113.79 and 113.47 as well as the 200-hour SMA at 113.60, the currency pair is not likely to breach the neck-line ta 113.26 before long. This is further reinforced by the SWFX data, indicating that 74.29% of positions are long.
© Dukascopy Bank SA
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