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.
Trapped between support and resistance.
Supported at the 50% mean reversion.
W-formation could give the bulls the upper hand from a confluence of support.
Bulls need to break resistance.
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.