CHF/JPY has recently completed the high Quality Down Channel identified on the daily charts. The overall Quality of this chart pattern is rated at the 8 bar level as a result of the maximum Initial Trend (measured at the 10 bar level), above-average Uniformity (6 bars) and higher Clarity (8 bars). The completion of this Down Channel continues the preceding sharp upward price impulse (whose strength is reflected by the maximum Initial Trend value) from the major support at the round price level 80.00 which reversed the pair in January of this year, as is shown on the second chart below. The bottom of this chart pattern (point D) formed when the pair reversed from the aforementioned strong support at 80.00. The pair is expected to rise further to the Forecast Price 85.79.
The following daily CHF/JPY chart shows the technical price levels mentioned above:
CHF/JPY CHART" title="CHF/JPY CHART" width="597" height="595">
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CHF/JPY Completed High Quality Down Channel
Published 06/22/2012, 06:06 AM
Updated 03/09/2019, 08:30 AM
CHF/JPY Completed High Quality Down Channel
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