Trade of the Day: CHF/JPY

By: Dima Chernovolov

CHF/JPY continues to rise inside the 15-minute Up Channel chart pattern, which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 5-bar level – which is the result of the slow Initial Trend (4 bars), lower Uniformity (2 bars) and strong Uniformity (8 bars). CHF/JPY is expected to rise further inside this Up Channel.

As can be seen from the daily CHF/JPY chart below – the pair earlier revered up from the support area located between the key support level 124.00 and the 61.8% Fibonacci correction of the upward impulse from the end of November. The proximity of this support zone and the clear uptrend increase the probability CHF/JPY will continue rise inside this Up Channel.