CHF/JPY 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Outlook for the Swiss Franc against the Japanese Yen is strongly negative at the moment. In the battle between two safe haven currencies the Japanese one seems to be leading, as it has confirmed the triangle pattern earlier this week. Now the spot is placed below a heavy support cluster represented by the monthly S1 and weekly S2 at 115.75. Moreover, CHF/JPY has already gone through the January low. Now we are monitoring the second monthly demand at 113, followed by the third one at 110.69. Losses are broadly estimated by indicators on both short and long-term time frames. On the other hand, SWFX market sentiment tends to support the bulls, as it shows the Franc is oversold (72% short).
© Dukascopy Bank SA
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