CHF/JPY 4H Chart: Channel Down

One safe haven currency is expected to continue depreciating against another, and in this case the underperformer is likely to be the Swiss Franc. We are looking for some bullishness at the moment and in the days to come, as the CHF/JPY cross has approached the lower edge of the channel, meaning the purchases should start in order to safeguard the boundaries. The main resistance point is represented by the monthly pivot at 113.05, while the rally will face additional challenges, such as downward-sloping 55 and 100-period SMAs under 113. Ultimate bullish goal is the 200-period SMA and the pattern's upper edge at 114.28/61. SWFX sentiment (71% long), however, supports future losses of CHF/JPY.