CHF/JPY 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Japanese Yen outperformed the Swiss Franc inside of a channel up pattern, as attempts to distance from the July low area became successful. The pair has not showed a reading as high since May, and makes up the sixth consecutive green candle on the weekly chart. While the general outlook remains bullish, we look for a test of the bottom trend-line of the channel around 111.95 next, with some demand pressures at 112.72 and 112.20 on the way. A surge would immediately be capped by 113.53, which corresponds to the pattern upper trend-line weekly R2 confluence. Trading volumes are about to rise as traders become more active in Europe, meaning that a dive could gain momentum quite quickly.
© Dukascopy Bank SA
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