CHF/JPY 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
At the beginning of September the CHF/JPY cross dropped below 113 mark; however, since then the pair's bulls have pushed the Swissy higher, forming a bullish channel. If on Friday the bulls tried to breach the upper trend-line around 115 level, then today the pair is nearing the lower boundary. Yet, the pair is currently hovering around the recent month highs, thus a bearish break-out could be expected. Also, the sentiment is strongly bearish, as 74.80% of the SWFX market participants are expecting a decline to occur. If the pattern's support at 114.48 is breached then a sell-off towards the 114 mark is likely.
© Dukascopy Bank SA
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