Daily Forex Update: CHF/JPY

By: Dima Chernovolov

CHF/JPY continues to fall in the direction of the Key Support level 111.31 (of the type Approach) which was previously identified by Autochartist on the 4-hour charts. Autochartist measures the Significance of this key level at the 3 bar level – which is the result of the three recent price reversals from this support level. CHF/JPY is expected to reach this key support level in the nearest time.

As can be seen from the daily CHF/JPY chart below, the active downward impulse earlier broke the support zone lying between the key support level 112.20 (which reversed the pair at the start of March) and the extended daily support trendline from October of 2016. This price area is acting as resistance zone right now – which should add to the bearish pressure on this currency pair in the coming trading sessions.

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