CHF/JPY 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 180-bar long channel down was formed by CHF/JPY on a 1H chart. After a steep decline on February 13, the pair stabilized somehow, however, later continued its depreciation. This Friday the pair penetrated the lower trend line, however, bulls managed to push the pair back to pattern's boundaries and above the weekly S1 and daily PP. Nevertheless, technical indicators are bolstering the case of pair's further depreciation, as indicators on a hourly and 4H charts are sending ‘sell' signals. Moreover, 72% of traders are holding short positions, therefore, the outlook is bearish. The next key level for short traders is daily S1 at 114.93, while a move below pattern's support will put 114.68 on the map.
© Dukascopy Bank SA
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