Daily Forex Update: CHF/JPY

By: Dima Chernovolov

CHF/JPY continues to fall inside the uniform Down Channel was recently identified by Autochartist on the 30-minute charts. Autochartist measures the Quality of this Down Channel at the 6 bar level – which is the result of the slow Initial Trend (2 bars), above-average Uniformity (7 bars) and significant Clarity (9 bars). CHF/JPY is expected to fall further inside this Down Channel continuing the earlier downward reversal from the resistance zone described below.

As can be seen from the daily CHF/JPY chart below, the price earlier reversed down from the resistance zone lying between the strong resistance level 115.00 (which has been steadily reversing this currency pair from December) and the upper daily Bollinger Band. The proximity of this resistance zone increases the probability CHF/JPY will continue to fall toward the lower support trendline of this Down Channel.

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