Dukascopy Bank Team
Dukascopy Bank SA
CHF/JPY 1H Chart: Channel Down
Comment: CHF/JPY tested 115.18 three times over the last two months and managed to at last abandon the area in a channel down pattern. The pair has, however, now exited the pattern to the downside and a small-scale retracement has been already completed. The rate has entered the cloud resistance and might gain some flatness inside of it while the multitude of surrounding levels would also steal some momentum. We would not look at levels above the ultimate resistance of 115.18, but note that immediate resistance rests at 112.20 and 112.23.
CAD/CHF 1H Chart: Symmetrical Triangle
Comment: CAD/CHF continued the somewhat ranging motion on the large scale, which it had extended for one and a half years. The triangle implies that the pair will continue the short-term uptrend and reach for levels above 0.7693, the upper boundary of the pattern. Upside potential will, however, be cut at 0.7755, a level that has been tested for multiple times on the larger scale. Immediate resistance lies at 0.7696 and then 0.7711/13 and will provide stickiness for the rate to step higher. Currently mid-pattern, the pair will have a hard time to soar to the upper boundary at 0.7693 due to a cluster of levels pushing from both sides at 0.7684/83.
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