CHF/JPY Price Analysis: Bulls about to charge from a confluence of supports?
|CHF/JPY bears are committing to their grounds, although bulls are not backing down yet.
The price is priming for another bullish surge from daily support.
CHF/JPY is showing sins of exhaustion on the longer-term time frames and choppiness on the lower-time frames.
The following is a top-down analysis that shows the price trapped between support and resistances on a fractal basis working the way down from a monthly to an hourly perspective.
Monthly chart
Trapped between support and resistance.
Weekly chart
Supported at the 50% mean reversion.
Daily chart
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W-formation could give the bulls the upper hand from a confluence of support.
4-hour chart
Bulls need to break resistance.
1-hour chart
Bulls are in control, albeit within a chop and range. A break of the resistance could be the catalyst for a higher time frame's northerly trajectory to penetrate deeper into resistance.
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