CHF/JPY has recently completed the Triangle chart pattern identified by Autochartist on the 4-hour charts. The overall Quality of this chart pattern is measured at the 4 bar level which reflects the following values of the individual contributing Quality indicators: low Initial Trend (rated at the 2 bar level), below-average Uniformity (4 bars) and higher Clarity (6 bars). This chart pattern continues the strong medium-term downtrend from the August of 2011 visible on the daily CHF/JPY charts. The top of this chart pattern (point A on the chart below) formed when the pair reversed down from the strong combined resistance made out of the 38,2 % Fibonacci Retracement of the preceding daily downward price impulse, previous long-term uptrend support trendline (now acting as the resistance after having been broken by the aforementioned preceding downward price impulse) and the round price level 85.00. The pair is expected to fall further in the direction of the Forecast Area set between price levels 82.44 and 83.12.
The following weekly CHF/JPY chart shows the technical price levels mentioned above:
CHF/JPY" title="CHF/JPY" width="599" height="624">
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Daily Forex Update: CHF/JPY
Published 01/31/2012, 08:27 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: CHF/JPY
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