CHF/JPY 1H Chart: Franc could go for breakout
The Swiss Franc has depreciated substantially against the Japanese Yen since early February when it was located near the 118.55 mark. This downward-sloping movement has been guided in a descending channel. The Franc failed to reach its bottom boundary last week, suggesting that this bearish formation might not hold any longer.
The strong hourly surge mid-session sent technical indicators in the strongly bearish area. Thus, it is likely that bulls relieve their upside pressure and allow for a short-term correction towards the 55– and 100-hour SMAs circa 112.80 or the weekly S1 at 111.85 if strong downside risks prevail in the market.
However, the pair should eventually breach the 200-hour SMA during the following trading sessions and approach the lower boundary of the previously-breached senior channel near 114.60.
The strong hourly surge mid-session sent technical indicators in the strongly bearish area. Thus, it is likely that bulls relieve their upside pressure and allow for a short-term correction towards the 55– and 100-hour SMAs circa 112.80 or the weekly S1 at 111.85 if strong downside risks prevail in the market.
However, the pair should eventually breach the 200-hour SMA during the following trading sessions and approach the lower boundary of the previously-breached senior channel near 114.60.
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