CHF/JPY 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
CHF/JPY is renewing historic high, which is currently located at 112.15, around 60 pips above the current market price. Actually, the pair is moving is an uptrend for more than a year, and even though it might seems that a period of consolidation is required, technical indicators are suggesting further appreciation. Despite strong bullish outlook, bears managed to penetrate pattern's support line, however, it is expected the pair will move back in pattern's boundaries. Market sentiment, however, does not give a clear signals, however, the fact that market price is 176 pips higher than the 200-hour SMA is reflecting the strength of bullish momentum.
© Dukascopy Bank SA
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