CHF/JPY 4H Chart: Double Top

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although because of almost perfectly horizontal price chart of USD/JPY correlation between CHF/JPY and USD/CHF should be close to negative 1, the first Franc-cross seems to have a higher chance of forming a reversal pattern than USD/CHF. Here the potential decline beneath the neck-line (May 11 low at 128.24) will have around 200 pips of free space before it encounters a significant demand area. The sell-off will probably end around 126.25, where the monthly PP merges with the 200-period SMA, without making it all the way to the start of the Apr 29-May 7 rally, namely to 124 yen. Meanwhile, the sentiment is moderately bearish, with three fifths of the traders holding short positions.
© Dukascopy Bank SA
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Tue, 19 May 2015 13:16:25 GMT

USD/CHF 4H Chart: Double Bottom

Besides trading inside the boundaries of the channel down pattern that was discussed on Tuesday morning, the USD/CHF has also created a double bottom at the same time. It proclaims that there is a possibility that the US Dollar will give up rising earlier than initially anticipated, namely around the top level between two valleys at 0.9360. In case the

Tue, 19 May 2015 06:51:58 GMT

USD/CHF 4H Chart: Channel Down

There are two conflicting signals emerging at the moment. On one hand, there is a bearish channel developing since March, and it implies a sell-off from 0.95, where the upper boundary of the pattern coincides with the monthly PP and 200-period SMA. On the other, the pair has made two distinct bottoms near 0.91, and this implies a breach of

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