CHF/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the last two weeks the price of the Swiss Franc managed to fall by five yen, and there is still potential for the currency to lose some 3-3.5 yen more in the not-too-distant future. There are no important support levels nearby (350 pips between the spot and 2015 low), and the longer-term technical indicators are mostly giving ‘sell' signals. In the short run CHF/JPY is also bearish. We expect the rate to bounce off of 118 and decline down to 116 before there is any significant upward correction within the recently established channel. As for the sentiment, however, the Franc appears to be somewhat oversold—65% of open positions in the SWFX market are short.
© Dukascopy Bank SA
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