CHF/JPY has recently completed the highly Uniform Descending Triangle chart pattern identified by Autochartist on the daily charts. Autochartist rates the Quality of this chart pattern at the 4 bar level as a result of the lower Initial Trend and Clarity (rated at the 3 and one bar level respectively) and substantial Uniformity (8 bars). This chart pattern continues sharp preceding downward price impulse from the major resistance at the round price level 100.00. The first connecting points of the upper and the lower trendlines of this chart pattern (points A and C) enclose the clear ABC correction (to the aforementioned preceding downward price impulse) which was completed by the subsequent downward price impulse (from A to D).
Both connecting points of the lower support trendline of this Descending Triangle (points C and D) formed when the pair corrected up from the strong support area close to the price level 82.00. The latest Breakout of the lower support trendline coincided with the breakout thorough 82.00. The pair is expected to decline further in the direction of the Forecast Area set between price levels 76.93 and 79.54.
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Daily Forex Update: CHF/JPY
Published 01/06/2012, 08:07 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: CHF/JPY
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