CHF/JPY 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
CHF/JPY seems to be trading within a bearish channel right now. The bias to the downside is also reinforced by the technical indicators, especially on the four-hour and weekly time-frames.
However, the upside risks are increasing and will peak at 111.50, since the currency pair has nearly completed yet another leg down and is approaching the lower boundary of the pattern. Accordingly, there is a high probability of an upward correction. The bulls will be expected to peter out before the resistance at 113 is hit. Meanwhile, the overall sentiment of the SWFX market is negative with respect to the Franc—71% of open positions are short.
© Dukascopy Bank SA
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