CHF/JPY Price Analysis: Bulls about to charge from a confluence of supports?

Ross J Burland FXStreet

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

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.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD consolidates weekly gains near 1.1750 after PMI data

EUR/USD trades marginally lower on the day near 1.1750 in the European session on Friday. The data from Germany and the Eurozone showed that the business activity in private sector expanded at a modest pace in January, helping the Euro hold its ground. In the second half of the day, US PMI data will be watched closely.

When are the UK Retail Sales and how could they affect GBP/USD?

The United Kingdom docket has the Retail Sales data for December to be released by the Office for National Statistics (ONS) on Friday, later this session at 07:00 GMT. UK Retail Sales are expected to decline by 0.1% month-over-month in December, following a 0.1% decline seen in November.