CHF/JPY 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Swiss Franc is in a channel up pattern against the Japanese Yen. At the moment, the currency exchange rate has rebounded against the pattern's lower trend line at 105.61, and it is moving upwards to the upper pattern's trend line at 107.49. On its path upward the pair is set to face two notable resistances, as first it will struggle with the monthly pivot point at 106.50, against which it already bounced off yesterday. The second notable resistance is at 107.00, where the weekly R2 is located at. In the meantime, SWFX traders are bearish on the pair, as 58% of open positions are long. In the meantime, daily aggregate technical indicators forecast a surge for the pair in the next four hours and no change until the end of the day, which confirms a move to the pivot point and a bounce off of it.
© Dukascopy Bank SA
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