CHF/JPY has recently completed the Uniform Triangle chart pattern identified by Autochartist on the 4-hour charts. Autochartist rates the overall Quality of this Triangle at the 5 bar level as a result of the low Initial Trend (measured at the 3 bar level), high Uniformity (8 bars) and average Clarity (5 bars). Both of the connecting points of the lower support trendline of this chart pattern (points C and D on the chart below) formed when the pair reversed up from the support area close to the round price level 80.00. The pair has recently broken up through the upper resistance trendline of this Triangle with the Breakout, whose strength is measured at the maximum, 10 bar level. The pair is expected to continue upward movement in the direction of the Forecast Area lying between price levels 81.98 and 82.79.
As can be seen from the following PowerStats chart, the top of the daily Expected Price Range for CHF/JPY for tomorrow (82.7501) stands within a few pips of the upper border of the Forecast Area calculated for the Breakout of the above Triangle (82.79) – which heightens the likelihood that CHF/JPY will advance toward this level tomorrow.
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Daily Forex Update: CHF/JPY
Published 01/19/2012, 07:43 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: CHF/JPY
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