CHF/JPY 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Given the current situation in the CHF/JPY pair, the Swiss Franc is likely to depreciate even more against the Japanese Yen in the nearest future. While the ceiling is at 128.88 (down-trend and monthly S1), the target is the lower boundary of the channel at 127.18. If this support is broken, the next objective will be 125.50, a level that was important in March and April. In case of a break-out to the upside, the first significant resistance will be at 129.86 (Jul 23 high), followed by the weekly R2 together with the 200-period SMA at 130.50. Meanwhile, despite the arguments against a rally, 73% of the SWFX traders are long the Franc, perhaps reckoning that the price is about to hit a bottom.
© Dukascopy Bank SA
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