CHF/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Swiss Franc is likely to keep depreciating against the Japanese Yen. The price has recently broken through a major support line, and this implies a prolonged decline. Once CHF/JPY completes the current bullish correction near the upper bound of the emerging channel at 113.30 yen, a strong demand area at 111.50/30 will become the new target. There the price will meet the lowest level since 2014. Meanwhile, in case of a close above 113.30, the rally is not expected to develop a lot further, being that there is a wide but nonetheless dense supply zone at 114.00/113.70, consisting of the long-term trend-line, daily R1, and Feb 22 high. As for the sentiment, 65% of positions at the moment are long.
© Dukascopy Bank SA
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Tue, 23 Feb 2016 14:13:19 GMT

USD/JPY 1H Chart: Channel Down

This channel is the result of USD/JPY violating the major trend-line at the beginning of January and confirming the breakout at the end of the same month. The currency pair is therefore well-positioned for a lasting sell-off, though not necessarily within these trend-lines. During the next two days, however, we are likely to see a bullish correction. USD/JPY is about

Tue, 23 Feb 2016 06:11:03 GMT

USD/TRY 1H Chart: Channel Down

The overall outlook on USD/TRY is strongly bearish. The currency pair confirmed the downside breakout of the 16-month up-trend in the daily chart after an upward retracement from 2.89. Accordingly, we are likely to see USD/TRY preserve the bearish momentum until the price reaches the February low. However, there are notable supports in the way, such as the weekly S1

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