Daily Forex Update: CHF/JPY
By: Dima Chernovolov
CHF/JPY continues to rise after its recent Breakout through the horizontal Key Resistance Level 81.1790 identified by Autochartist on the 4-hour charts. The Significance of this Key Level is rated at the 4 bar level which corresponds to the 4 recent price reversals from this resistance. As can be seen from the Key levels charts below, the price had earlier reversed up from the powerful support area lying close to the round price level 78.00 (which had previously reversed the strong downtrend in the middle of 2010). The upward impulse from this support level led to the Breakout to the two close daily resistance trendlines from the April of this year and then, most recently – to the Breakout of this Key Level. The pair is expected to rise further toward the Forecast Price 82.4517.
The daily CHF/JPY chart below shows the technical price levels described above:
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