CHF/JPY 4H Chart: Double Top

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a period of gains in April, the Swiss Franc decided to make a temporary stop in the area between 128.20 and 131.20. As a result, the pair formed a double top pattern, which may become a rectangle, in case the current trend persists. Four-hour technical studies are strongly bearish at the moment, meaning that they expect to see the pair at pattern's support (128.24) in the near-term. However, at first the pair should penetrate the weekly S1 and 100-period SMA around 128.70, and these levels may reverse the pair back to the north. Moreover, daily indicators are now pointing to the upside as well. Despite that, the majority (59%) of SWFX traders are short on the Franc against the Yen.
© Dukascopy Bank SA
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