Market NewsTechnical Analysis

CHF/JPY: It is Ranging and Ranging Hard

  • CHF/JPY trades within a bullish flag
  • The pair trades around flag’s support
  • Intraday price action has been choppy
  • Traders are to be patient to find its next direction
CHF/JPY H4 Chart
CHF/JPY H4 Chart

CHF/JPY Traders around a Solid Support

The pair gets trapped within a bullish flag for a while. As of writing, the pair trades around flag’s support. At the last rejection at flag’s resistance, the pair produced strong bearish momentum. However, it had a bounce right at the level, where it had a bounce earlier. Then, it made a bullish correction and found its resistance at Simple Moving Average 30. The sellers have not looked that confident to drive the price towards the South and make a breakout at flag’s support. A bearish breakout at 164.350 may attract more sellers and drive the price towards 162.000.

On the upside, if the price goes above Simple Moving Average 30, it may head towards the North. The pair may find its resistance again around 166.350.  A bullish breakout above would be an idea thing for the buyers to keep the chart on their watch list.

CHF/JPY H1 Chart
CHF/JPY H1 Chart

CHF/JPY Trades within a Bearish Pennant

The H1 chart shows that the pair trades within a bearish pennant. A bearish breakout at pennant’s support may drive the price towards the North. The price may find its next support around 163.600. On the upside, if the price breakout pennant’s resistance, it may head towards the North and find its resistance around 165.700. The chart suggests that the price has more space towards the South to travel. Thus, the sellers may be more interested to keep their eyes on the pair. Intraday minor charts have been extremely choppy today so far. Moreover, it is the last trading day of the week. Thus, the pair may make traders wait and give them a direction next week.

The H4 chart gets trapped within a bullish flag and the H1 gets trapped within a bearish pennant. Thus, traders on both charts are to wait for the price to give them a solid direction to trade.

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

Contact and follow Tareq on Twitter: @tareqfpn

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