CHF/JPY 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Two days after bottoming out at 106.80 the currency pair overcame the 200-hour SMA and started to trade while being contained by two upward-sloping parallel trend-lines.
The upper edge of the pattern at the moment creates strong resistance near 109.47 and seems to be more reliable than the lower one. First of all, it was confirmed by the market on more occasions; secondly, it is reinforced by the daily pivot levels and, more importantly, by the Oct 22 high at 109.75, which has already stopped several attempts of the currency to develop a rally in the past.
© Dukascopy Bank SA
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