Daily Forex Update: CHF/JPY

By: Dima Chernovolov

CHF/JPY continues to rise after the earlier breakout of the Triangle chart pattern which was previously identified by Autochartist on the 30-minute charts. Autochartist rates the Quality of this Triangle at the 6-bar level – which is the result of the below-average Initial Trend (4 bars), medium Uniformity (5 bars) and significant Clarity (7 bars). Autochartist measures the strength of this Triangle breakout at the 7-bar level, which adds to the probability the pair will soon reach the forecast price 117.86.

As can be seen from the daily CHF/JPY chart below, this Triangle breakout follows the earlier breakout of the powerful resistance level 115.00 (which has been reversing the price from last year).  The breakout of this resistance level accelerated the active medium-term impulse wave from the middle of April. The accelerating daily Momentum adds to the probability CHF/JPY will soon reach the forecast price 117.86.

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