CHF/JPY 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
CHF/JPY currency pair has been forming the current triangle pattern since the very beginning of March 22-27 trading week. However, this Tuesday the figure was confirmed to the downside, and the pair crossed one more support line at 123.60 (daily S1; 200-hour SMA). At the moment, it is expected that the Swiss franc will continue underperforming the Japanese yen. This view is currently supported by one-hour technical indicators which are pointing to the south. Moreover, as many as 71% of SWFX market participants are holding short opened positions, expecting the pair to lose value. In the meantime, a rebound is possible in the long-term, as assumed by bullish daily technical studies.
© Dukascopy Bank SA
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