CHF/JPY 1D Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Starting from last year's June, the Swiss Franc has been consistently underperforming the Japanese Yen, which has eventually led to formation of the bearish channel. Accordingly, we expect any near-term rallies to be capped at 113 yen, while the current target is the green trend-line at 105.50, as suggested by the technical indicators in all relevant time frames. However, we should note that 105.50 is also the level of the 61.8% retracement of the 2012-2015 up-move, meaning that potentially it could become a starting point of the rally that will lead the pair outside the pattern. In the meantime, the SWFX sentiment is moderately bearish, as 58% of positions are short.
© Dukascopy Bank SA
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