CHF/JPY 1D Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is a high-quality and high-magnitude symmetrical triangle forming on the daily chart of CHF/JPY. Initiation of the pattern dates back to the first part of November, when the currency soared after approaching the 200-day SMA. However, as it subsequently proved to be unable to ascend beyond 119.19, every consecutive peak was lower than the previous one. Still, this weakness is likely to be only temporary, as the triangle assumes continuation of the general trend, namely further appreciation of the Swiss Franc. Moreover, being that most of the weekly and monthly technical indicators are currently bullish, hardens the case of a soon break-out to the upside.

© Dukascopy Bank SA
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