CHF/JPY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rally from 120.00 was able to develop due to the absence of any significant resistances. However, right now CHF/JPY is approaching an important obstacle at 126.00, which will test the strength of the present bullish momentum. If this level is broken, the gains could be extended up to the 127.50-128.00 region.
At the same time, validity of a bullish scenario depends on intactness of the support trend-line at 124.00. If the latter level is violated, the nearest targets will be the weekly PP at 122.50 and the 200-hour SMA near 122.00. As for the long/short ratio, 70% of the SWFX market participants are currently bearish towards the Swiss Franc.
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.