CHF/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite an attempt to grow from the lower boundary of the pattern, the Swiss Franc is still unable to leave the vicinity of 120.40 area. The main resistance is being created by 55-hour SMA, which kept this cross under intense pressure since Monday of the previous week. Therefore, our forecasts are quite pessimistic with respect to CHF/JPY. At first, technical indicators on a four-hour time-frame are pointing downwards, while SWFX market sentiment is short in 62% of all cases. However, the latter fact confirms that the Franc is oversold and we can await some purchases in the next few days. A drop below 120 would allow for the losses to extend beyond the weekly S1 (119.90) in the long run.
© Dukascopy Bank SA
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