CHF/JPY to reach 94.6027 in 4 days

by Admin

As you can see from this trade opportunity alert for CHF/JPY, the pair is expected to fall to the target level 94.6027 in the following 4 trading days. The price recently broke the Up Channel chart pattern identified earlier by Autochartist on the 4-hour charts. Autochartist sets the stop level for this forecast at 94.6027 (B, the top of the aforementioned Up Channel). This point was formed when CHF/JPY turned down form the long-term resistance level 104.00 (which reversed the pair strongly down in 2008 and in 2011). The presence of the downward sloping moving average increases the probability that CHF/JPY will fall to the target level 94.6027 in the next four trading days.

CHFJPY

The weekly CHF/JPY chart below displays the earlier price action near the weekly resistance level 104.00:

CHFJPY