Trade of the Day: CHF/JPY

By: Dima Chernovolov

CHF/JPY continues to rise inside the hourly Up Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 8-bar level – which is the result of the sharp Initial Trend (10 bars), significant uniformity (8 bars) and above-average Clarity (6 bars). CHF/JPY is expected to rise further inside this Up Channel.

As can be seen from the daily CHF/JPY chart below – the price earlier broke through the multi-month resistance level 127.00 (previous monthly high from January). This level is acting as the support after it was broken. The proximity of this support level and the clear daily uptrend increase the probability CHF/JPY will continue to rise inside this Up Channel.