Market NewsTechnical Analysis

CHF/JPY: Resistances are in Play

Money of Switzerland. Swiss franc bills. CHF banknotes. 100 francs. Business, finance, news background.
  • CHF/JPY has been bullish finding its resistance at a down trending level.
  • The SMA 30 has been working as a support producing a bullish inside bar.
  • The H1 chart has found its support upon making a bearish correction.
  • Intraday minor charts have been bullish trading around yesterday’s high.
CHF/JPY H4 Chart
CHF/JPY H4 Chart

CHF/JPY – Technical Analysis- H4 Chart

The chart shows that the price produced a tiple bottom and made a strong bullish move breaching the simple moving average 30’s resistance. However, it has found its resistance at a down trending level. The price reacted at the level several times. Thus, buyers may wait for a breakout at the level to go long in the pair. A bullish breakout at the level may generate more bullish momentum and push the price towards 171.300.

On the contrary, if the level produces a bearish reversal signal, the sellers may go short below the SMA 30 and drive the price towards 169.500.

CHF/JPY H1 Chart
CHF/JPY H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price upon making a bearish correction found its support around 170.200. It produced a morning star and headed towards the North. As of writing, the pair trades around the swing high struggling to make a breakout. However, the buyers will be very keen to get a breakout at the level and go long in the pair. In case of a bullish breakout, the pair may find its resistance around 171.000.

On the contrary, if the level continues to work as a resistance, the sellers may go short below 170.200. It may find its support again around 169.500.

Considering both charts, the bull looks good to continue its move. However, the H3 down trending resistance and the H1 swing high may play their roles on the respective charts and change the scenario.

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

Contact and follow Tareq on Twitter: @tareqfpn

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