CHF/JPY 1H Chart: Broadening Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite successful bounce from the lower trend-line of the current pattern, the Swiss franc is still unable to gain enough bullish momentum to reach the upper boundary. The CHF/JPY pair has already been trading sideways around 121.50 for a third consecutive day. However, it should be noticed that at the moment this pair is limited by a considerable supply area from above, which includes the weekly S1 at 121.84 and daily pivot point just below it. Therefore, we suggest the pair will eventually give up the idea of advance, as both short and medium-term indicators are pointing to the downside. Moreover, 72% of all market participants are holding short positions on the Swiss franc.
© Dukascopy Bank SA
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