CHF/JPY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Recently bears pushed the pair to pattern's support line, however, they were not able to close below it. Usually, it would be interpreted as a "buy" signal, however, the majority of tools of technical analysis are pointing at the downside movement. Hence, aggregate technical indicators on 1H and 4H charts are sending "sell" signals, while 66% of all opened positions are short. In a longer picture, however, the continuation of the uptrend is expected, as indicators on Monthly chart are sending "buy" signals. It is also important to mention that around 107 bulls will face a very strong resistance line, which will be difficult to breach.
© Dukascopy Bank SA
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