CHF/JPY has recently reversed down from the upper resistance trendline of the Up Channel chart pattern identified by Autochartist on the 4-hour charts. Autochartist rates the Quality of this Up Channel at the 7 bar level as a result of the maximum Initial Trend (10 bars), significant Uniformity ( 7 bars) and below-average Clarity (4 bars). This chart pattern continues the strong medium-term downtrend from the April of 2012, visible on the daily CHF/JPY charts. The top of this Up Channel (point C on the chart below) formed when the pair reversed down from the resistance area made out of the 50% Fibonacci Retracement of the preceding sharp downward price impulse (whose strength is reflected by the 10-bar Initial Trend value) from the June of 2012, the resistance trendline from the March of this year as well as the upper daily Bollinger Band. The pair is expected to fall further in the nearest time.
The daily CHF/JPY chart below shows the longer-term picture of this currency pair’s movement:
CHF/JPY" title="CHF/JPY" width="593" height="614">
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Daily Forex Update: CHF/JPY
Published 08/10/2012, 05:53 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: CHF/JPY
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