Trade of the Day: CHF/JPY

By: Dima Chernovolov

CHF/JPY recently broke the key resistance level 146.89 which was previously identified by Autochartist. Autochartist rates the Significance of this resistance level at the 5-bar level – which is the result of the five previous price reversals from this price level. CHF/JPY is expected to continue to rise toward the forecast price 148.03.

As can be seen from the daily CHF/JPY chart below – the pair earlier reversed up sharply from the support zone lying between the pivotal support level 143.50 (former monthly high from June) and the 50% Fibonacci correction of the upward impulse from August. The proximity of this support zone and the clear daily uptrend increase the probability CHF/JPY will continue rise toward the forecast price 148.03.