CHF/JPY 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Being unable to climb over the resistance at 109.76 the currency couple changed the direction and started moving south. Because of this the 200-period simple moving average, which acted as the line in the sand, has already been overcome, which also adds to the bearish bias towards CHF/JPY.
However, for the currency pair to continue trading within the boundaries of the negatively-sloping corridor the resistance either at 107.75 or at 108.39 has to stay intact. In case the latter level gives in, the Swiss Franc will again have a good opportunity to re-test a local high of 109.76.
© Dukascopy Bank SA
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