CHF/JPY 1H Chart: Franc enters period of consolidation
CHF/JPY is trading in a two-month descending channel. This downward-sloping movement prevailed for most of this time until last week when the Swiss Franc failed to test its bottom boundary circa 112.80.
Nevertheless, the pair likewise failed to edge higher and thus entered a week-long consolidation period in the 113.16/56 area. This balance between bulls and bears continues to prevail the market and might do so during this session, as well.
However, a breakout is likely to occur during the following trading sessions and, in case the rate fails to move below the psychological 113.00 mark, the bullish sentiment should eventually take the upper hand and lead the pair towards a breakout of the senior channel circa 114.30.
Nevertheless, the pair likewise failed to edge higher and thus entered a week-long consolidation period in the 113.16/56 area. This balance between bulls and bears continues to prevail the market and might do so during this session, as well.
However, a breakout is likely to occur during the following trading sessions and, in case the rate fails to move below the psychological 113.00 mark, the bullish sentiment should eventually take the upper hand and lead the pair towards a breakout of the senior channel circa 114.30.
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