CHF/JPY 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After the currency pair received strong bullish impetus from the 200-hour SMA on Feb 12, it has remained in the up-trend and formed an upward-sloping channel.
However, being that the upper rising trend-line has been confirmed only on few occasions, unlike the lower one, which has already proved to be reliable, there is still a possibility that CHF/JPY may be trading either in an emerging ascending wedge or triangle. Accordingly, for now we would rather focus on the support at 114.92, which is supposed to withstand the selling pressure for any of the cases to be true. If it does not trigger buying, there are strong demand areas at 114.70 and 114.30.
© Dukascopy Bank SA
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