CHF/JPY 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Today in the morning the CHF/JPY was moving straight forward to the pattern's support, which is located at 108.14, and currently the pair is changing hands at 108.20– just couple of pips above the key level. As it was said earlier, the pair has been underpinned by the long-term moving average and even in case of a downside breakout, the pair is unlikely to penetrate through a 200-bar SMA, which is located at 107.8. However, the penetration of the support line is very likely, as aggregate technical indicators on a 4H chart are sending "sell" signals. Therefore, the most possible scenario is a move to 108-107.8 and then a continuation of the uptrend.
© Dukascopy Bank SA
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