As can be seen from the following trade opportunity alert for CHF/JPY, Autochartist expects this currency pair to decline to the target level 94.6027 in the next 4 trading days. The pair just broke the lower support trendline of the 4-hour Up Channel chart pattern identified earlier by Autochartist. The stop level for this bearish forecast is set at 94.6027 (point B, which is the top of the aforementioned Up Channel). This point formed when the pair reversed down form the major long-term resistance area close to the round price level 104.00 (which had previously reversed the pair sharply down in June of 2008 and in July of 2011 (as is shown on the second chart below). The downward sloping moving average adds to the likelihood that this pair will reach the target level 94.6027 in 4 days.
CHF/JPY" title="CHF/JPY" width="600" height="336">
The following weekly CHF/JPY chart shows the previous price action close to the major resistance level 104.00:
CHF/JPY - Weekly" title="CHF/JPY - Weekly" width="599" height="632">
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Daily Forex Update: CHF/JPY
Published 02/27/2013, 05:18 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: CHF/JPY
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