Daily Forex Update: CHF/JPY

By: Dima Chernovolov

CHF/JPY continues to rise inside the Clear Up Channel chart pattern which was recently identified by Autochartist on the daily charts. Autochartist measures the quality of this Up Channel at the 4-bar level – which reflects the slow Initial Trend (one bar), medium Uniformity (5 bars) and higher Clarity (6 bars). CHF/JPY is likely to rise further inside this Up Channel – which is also confirmed by the 4-hour Key Resistance Level breakout shown below.


As can be seen from the chart below, the price also earlier broke the 4-hour Key Resistance Level 114.500, which was previously identified by Autochartist. The pair is expected to rise to the forecast price 116.70. The simultaneous occurrence of the two different-type and different time-scale chart patterns increases the probability CHF/JPY will continue to rise in the nearest time.


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