CHF/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The bias towards CHF/JPY is bearish. Although the indicators are mixed, the pair has recently formed a downward-sloping channel after breaking through the long-term moving average. The current rally from 121.35 may extend higher, but the gains are to be contained by the falling resistance line and weekly S2 at 122. If this is the case, the next target will be the weekly S3 at 120.60, followed by the March low at 120. Conversely, should the price jump over 122 yen, attention will shift to the Oct 28 high at 122.70. Additional significant resistance is at 123.10, represented by the daily R2 and weekly S1. The SWFX market, however, is undecided: 46% of positions are long and 54% are short.
© Dukascopy Bank SA
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