Daily Forex Update: CHF/JPY

By: Dima Chernovolov

CHF/JPY continues to fall inside the 4-hour Down Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Down Channel at the 8-bar level – which is the result of the sharp Initial Trend (120 bars), average Uniformity (5 bars) and strong Clarity (8 bars). CHF/JPY is expected to fall further inside this Down Channel – in line with the earlier downward reversal from the powerful resistance level shown below.

As can be seen from the daily CHF/JPY chart below, the price earlier reversed down from the powerful resistance level 112.30 (former multi-month support level which has been reversing the price from August of 2017, acting as resistance after it was broken earlier this month). The proximity of this resistance level heightens the probability CHF/JPY will continue to fall inside this Down Channel.

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