🔮 Better than the Oracle? Our Fair Value found this +42% bagger 5 months before Buffett bought itRead More

Daily Forex Update: CHF/JPY

Published 03/22/2012, 07:25 AM
Updated 03/09/2019, 08:30 AM
CHF/JPY
-

Autochartist has recently identified the high Clarity Up Channel chart pattern on the 4-hour CHF/JPY charts. The overall Quality of this chart pattern is measured at the 7 bar level as a result of the maximum Initial Trend and Clarity (both rated at the 10 bar level) and the low Uniformity (2 bars). The high Initial Trend reflects the strength of the preceding sharp downward price impulse from the major long-term resistance at 91.5 (which has been reversing the pair down multiple times over the last few years, as is shown on the second chart below). The top of this chart pattern (point B on the chart below) formed when the pair failed to stay above the aforementioned strong resistance 91.5. The pair is expected to fall further in the nearest time.
dailyfx1
The weekly CHF/JPY chart below shows the previous price action close to the major resistance 91.5:
dailyfx2

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.