CHF/JPY 1H Chart: Channel Up

After bottoming out at 103.12, the currency pair started to exhibit bullish sentiments and since then has covered more than 300 pips.  The resistance CHF/JPY is presently facing at 106.30 is the daily R1, but this should eventually give way for a rally to the upper edge of the channel up to 106.82, the current level of the daily R2 as well. Still, despite the upward momentum that has been persistently pushing the price north, most of SWFX traders are expecting the Swiss Franc to underperform relative to the Japanese Yen, since 70% of positions are short.