CHF/JPY 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
On September 30, the death cross put heavy selling pressure on CHF/JPY that was not able to resist and started to decline on October 1. The pair trajectory shaped a Channel Down pattern, moving within which CHF/JPY touched a one-month low on October 7.
CHF/JPY may continue falling as Channel Down patterns usually create a constant downside pressure often resulting in a bearish breakout. However, traders do not support this view, being bullish on CHF/JPY in 60.87% of cases. Technical indicators also suggest that a jump is possible in the short-term.
© Dukascopy Bank SA
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