Trade of the Day: CHF/JPY

By: Dima Chernovolov

CHF/JPY continues to rise inside the daily Down Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Down Channel at the 6-bar level – which is the result of the strong Initial Trend (8 bars), lower Uniformity (3 bars) and above-average Clarity (6 bars). CHF/JPY is expected to rise further inside this Down Channel

As can be seen from the weekly CHF/JPY chart below – the pair earlier reversed up sharply from the support area located between the key support level 143.10 (previous resistance from the middle of this year), standing near the 61.8% Fibonacci correction of the upward impulse from July. The proximity of this support area and the clear weekly uptrend increase the probability CHF/JPY will continue to rise inside this Down Channel.