CHF/JPY 4H Chart: Channel Down

CHF/JPY has been fixing gains since Friday of the last week. For now it has already gained 283 pips over four days through May 12, despite the fact that the rate is trading within a descending channel. The nearest resistance is represented by the monthly PP at 113.05, which is assumed to be one of the toughest ones of the pair's way up. Successful testing of this one will pave the way for a meeting with another pre-upper boundary supply at 113.45, namely the 200-period SMA. Therefore, long-term risks are still skewed to the downside. Moreover, the pessimistic scenario is indicated by the majority of daily and weekly technical signals, while the SWFX sentiment is largely mixed at the moment (52% short).