CHF/JPY today completed the daily Down Channel identified by Autochartist.
Autochartist measured the overall Quality of Down Channel at the high 8 bar level which reflects the following values of the individual contributing Quality indicators: sharp Initial Trend (measured at the highest, 10 bar level), strong Uniformity (6 bars) and substantial Clarity (8 bars).
This Breakout follows the previous strong upward price impulse (its strength is indicated by the 10-bar Initial Trend value) from the long-term support 80.00 which reversed the pair at the start of 2012, as can be seen on the second chart below. The lowest point of this chart pattern (D) formed when CHF/JPY turned up from the aforementioned support 80.00.
CHF/JPY is expected to rise to the Forecast Price 85.79 in the nearest time.
The daily CHF/JPY chart below highlights the aforementioned technical price levels:
