Trade of the Day: CHF/JPY

By: Dima Chernovolov

CHF/JPY rising inside the 30-minute Up Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 7-bar level – which is the result of the average Initial Trend (5 bars), strong Uniformity and Clarity (8 bars). CHF/JPY is expected to rise further inside this Up 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 143.00 (former strong resistance from the middle of this year), lower weekly Bollinger Band and 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 Up Channel.