CHF/JPY back in a demand zone [Video]
|The CHF/JPY pair crashed in the short term as the Yen Futures rallied. Fundamentally, the Japanese economic data came in mixed today. On the other hand, the CHF took a hit from the Switzerland Retail Sales indicator which reported a 2.2% drop versus the 1.5% growth expected. Tomorrow, Japan is to release the Capital Spending and Final Manufacturing PMI, while Switzerland publishes the CPI and the Manufacturing PMI.
From the technical point of view, the CHF/JPY pair crashed after failing to take out the 166.58 resistance. Now, it has reached the 166.65 static support. The 164.42 stands as a critical downside obstacle. As long as it stays above these support levels, the pair could develop a bullish pattern. False breakdown may announce a new bullish momentum.
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