CHF/JPY 1D Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The bias towards the Swiss Franc is strongly bearish in its pair with the Yen. Late last year the currency pair closed under the major trend-line that had been guiding the pair north for more than three years. Now, the price's goal could be another potential rising trend-line, but the rate will come into contact with it only after covering 30 yen. Until then, the outlook is bearish. This is also confirmed by the technical indicators. Moreover, given that five out of eight daily studies are giving ‘sell' signals, we would not rule out a possibility of support at 112 giving in without triggering a rally. Nevertheless, the base case scenario is a correction to 119.40 yen before there is another bearish wave.
© Dukascopy Bank SA
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