CHF/JPY: Bull Heads towards the North, No Sign to Hault

• CHF/JPY has been on a strong bullish trend on the H4 chart.
• The pair trades above two significant support levels.
• The H1 chart looks bullish breaking yesterday’s higher high.
• Intraday minor charts have been bullish.

CHF/JPY – Technical Analysis- H4 chart

The chart shows that the price breached the Simple Moving Average 30 earlier. However, it made a bullish breakout consequently and headed towards the North with extreme bullish momentum. The chart made a significant bullish breakout at 169.350, where the price reacted several times. Thus, many buyers may keep their eyes at the level to get a bullish signal to go long in the pair.

Alternatively, some buyers may wait for the price to consolidate and get a bullish reversal pattern at the value areas and push the price towards the North. The price may find its next resistance around 172.000.

Price Action Analysis- H1 Chart

The chart shows that the price has been bullish, but has found its resistance around 170.520. Upon having a rejection, it made a bearish correction. However, as of writing, the current candle has been bullish. If it closes above the level, the buyers may look to go long in the pair and push the price towards the upside. The price may find its next resistance around 171.000.

On the contrary, the sellers may wait and not make any trading decision based on this chart. To go short in the pair, they must wait for the chart to produce a strong bearish reversal pattern such as double top at the resistance zone.

The H4 and the H1 look extremely good for the buyers. Thus, we may see a strong bullish move today. As things stand, the pair may remain bullish on these two charts for a while as well.

Written by: Md Tareq Sikder, Senior Analyst Forex Prop News

Contact and follow Tareq on Twitter: @tareqfpn