Trade of the Day: CHF/JPY

By: Dima Chernovolov

CHF/JPY continues to rise in the direction of the key resistance level 148.97, which was previously identified by Autochartist. Autochartist rates the significance of this resistance level at the 3-bar level – which reflects the 3 earlier reversals from this price level. CHF/JPY is expected to rise toward the key resistance level 148.97 in the nearest time.

As can be seen from the daily CHF/JPY chart below – the pair earlier reversed up from the support area lying at the intersection of the key support level 145.30 (which has been reversing the price from September) and the lower daily Bollinger Band. The proximity of support area and the clear daily uptrend increase the probability CHF/JPY will continue rise toward the key resistance level 148.97.