Advertising
Advertising
twitter
youtube
facebook
instagram
linkedin
Advertising

CHF/JPY Surges Above Key Resistances, Maintains Bullish Momentum

CHF/JPY Surges Above Key Resistances, Maintains Bullish Momentum
Aa
Share
facebook
twitter
linkedin

Table of contents

  1. Broke above Oct 1979 major swing high of 158.45
    1. The short-term uptrend remains intact
      • Current impulsive up move of CHF/JPY has cleared above major resistances of 157.98 & 158.45.
      • Short-term momentum remains bullish.
      • 159.90 is the key short-term support to watch.

       

      The CHF/JPY cross has continued to its relentless rally as it broke above key resistance levels; 157.98 (the high obtained right during the EUR/CHF unpegged shock in January 2015) and 158.45 (Oct 1979 major swing high).

       

      Broke above Oct 1979 major swing high of 158.45

      chf jpy surges above key resistances maintains bullish momentum grafika numer 1chf jpy surges above key resistances maintains bullish momentum grafika numer 1

       

       

      Advertising

      Fig 1: CHF/JPY long-term secular trend as of 27 Jun 2023 (Source: TradingView, click to enlarge chart)

      The next key medium-tern resistance zone stands at 163.20/166.70 defined by a cluster of Fibonacci extension levels (see 3-month chart).

      The key medium-term support rests at 146.60 defined by the 200-day moving average and the former swing highs of July/October 2022.

       

      The short-term uptrend remains intact

      chf jpy surges above key resistances maintains bullish momentum grafika numer 2chf jpy surges above key resistances maintains bullish momentum grafika numer 2

       

      Advertising

       

      Fig 2: CHF/JPY minor short-term trend as of 27 Jun 2023 (Source: TradingView, click to enlarge chart)

      The price actions of CHF/JPY have continued to evolve within a minor ascending channel in place since the 13 June 2023 low of 153.37 and traded above the upward-sloping 5-day moving average (see 1-hour chart).

      The hourly RSI has just staged a bullish breakout which indicates that short-term momentum remains positive.

      Watch the 159.90 key short-term pivotal support with the next resistances coming in at 162.00 (psychological level) and 163.20 (the intersection between the upper boundaries of both the medium-term and minor ascending channels).

      However, a break below 159.90 negates the bullish tone to expose the next minor supports at 158.70 and 157.20.

      Advertising

      Kenny Fisher

      Kenny Fisher

      A highly experienced financial market analyst with a focus on fundamental analysis, Kenneth Fisher’s daily commentary covers a broad range of markets including forex, equities and commodities. His work has been published in several major online financial publications including Investing.com, Seeking Alpha and FXStreet. Based in Israel, Kenny has been a MarketPulse contributor since 2012.


      Advertising
      Advertising