CHF/JPY Hits Fresh All-Time High in Strong Bullish Uptrend

• Bullish acceleration within long-term secular uptrend to print a fresh all-time high of 166.60 yesterday, 30 August.
• Current minor pull-back of 102 pips from 166.60 all-time high has almost reached a short-term oversold condition as indicated by the hourly RSI.
• Key short-term support rests at 165.10.

The cross-pair CHF/JPY has continued its impulsive up-move sequence in the month of August where it rallied by +291 pips as of 31 August 2023 at this time of the writing, capping off a relentless bullish acceleration seen in the past six months with an accumulated gain of +2,378 pips since January 2023 reinforced by a clear bullish breakout from the longer-term secular ascending channel resistance (upper boundary) in the month of April 2023.

It has already surpassed the prior major secular peak of 158.45 printed in October 1979 and hit a fresh all-time intraday high of 166.60 yesterday, 30 August.

 

Bullish acceleration of long-term secular uptrend phase

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Fig 1:  CHF/JPY long-term term secular trend as of 31 Aug 2023 (Source: TradingView, click to enlarge chart)

 

Hourly RSI oscillator has almost reached oversold condition

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Fig 2:  CHF/JPY minor short-term trend as of 31 Aug 2023 (Source: TradingView, click to enlarge chart)