Trade of the Day: CHF/JPY

By: Dima Chernovolov

CHF/JPY continues to rise after the price broke the key resistance level 125.05, which was previously identified by Autochartist on the daily charts. Autochartist rates the Significance of this support level at the 3-bar level – which is the result of the three previous price reversals from this price level. CHF/JPY is expected to continue to rise toward the forecast price 125.33.

As can be seen from the daily CHF/JPY chart below – the price earlier broke the key resistance level 124.55 (which stopped the previous upward impulse in the middle of October). This price level is acting as the support level after it was broken. The proximity of this support level and clear daily uptrend increase the probability CHF/JPY will continue to rise toward the forecast price 125.33.