CHF/JPY Price Analysis: Bulls take on the monthly supply area

CHF/JPY bulls seeking upside extension of monthly price action.
Daily support guards a healthy weekly Fibonacci retracement.

Ross J Burland FXStreet

CHF/JPY is in the process of taking on a monthly supply zone with prospects of a break of monthly resistances.

The following is a top-down analysis that illustrates where the next swing-trading opportunity could arise.

Monthly chart

The price has made the start of what could be the extension to break monthly resistance.

Weekly chart

There are a couple of upside targets being the monthly and presumed weekly correction ranges and their -0.272% Fibonacci retracements.

Daily chart

The daily chart shows that the price is bullish above daily support and can be expected to extend higher while above here.

However, a break of support will play into the hands of those prudently waiting for an expected correction of the weekly extended W-formation to the nose which meets a 38.2% Fibo.

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 trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.