CHF/JPY Price Analysis: Bulls seek break fo H&S neckline

CHF/JPY is building a case for the upside.
Bulls will need to break 4-hour resistance, then a daily H&S neckline.

Ross J Burland FXStreet

CHF/JPY is holding at critical daily support and a confluence of the 61.8% Fibonacci retracement level.

Eyes are on the upside resistances and the following illustrates the bullish bias.

Daily Head & Shoulders in the making?

Daily chart prospects

The price has met a 61.8% Fibonacci retracement level and a confluence of the near-term daily support structure.

A break of the neckline of 120.80/00, will open prospects of an upside continuation to target the prior lows near 121.50 and 121.95.

4-hour chart

Bulls will be concerned for a high volume node, prior support and resistance level just above the 120.03 level.

A break there will leave them in good shape for an upside continuation over the coming days, especially on a break of the H&S neckline.

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.

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