Daily Forex Update: CHF/JPY
AutoChartist | Oct 21, 2013 03:55AM ET
CHF/JPY recently broke the “neckline’ of the 4-hour Inverse Head and Shoulders chart pattern that was previously identified by Autochartist – as you can see from the following trade opportunity alert for this currency pair. CHF/JPY is expected to rise to the target level 108.95 in the next 17 trading hours. Autochartist set the stop-level for this forecast at 107.40 (point A, the level of the “right shoulder”). This chart pattern breakout follows the recent sharp upward reversal from the strong support area (at C, the “head” of this chart pattern) lying at the intersection of the support trendline of the daily Up Channel from June and the Fibonacci Cluster made out of the 61.8%, 50% and 38.2% Fibonacci Retracements of the 3 recent upward price moves from June, October and November (as you can see on the second chart below).
The following daily CHF/JPY chart shows the aforementioned support levels:
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