CHF/JPY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
CHF/JPY has been gradually appreciating since August 15, when the pair started to shape a channel up pattern. On September 11, the currency couple hit a five-month high of 107.59 that alleviated a buying pressure and forced the pair to descend to the four-hour pivot point at 107.00. Market players are strongly bullish on the pair, with 85.71% of all orders are placed to buy CHF/JPY. If traders' outlook materializes, the pair will break two important resistance lines lying at 107.09/10 to attain the daily resistance at 107.21. The pair may try to overcome this formidable region to prolong its rally towards the next pitfall at 107.51 (daily R2).
© Dukascopy Bank SA
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