Daily Forex Update: CHF/JPY
AutoChartist | Jul 25, 2014 03:46AM ET
CHF/JPY continues to rise after the recent reversal from the lower support trendline of the 4-hour Down Channel that was earlier identified by Autochartist – as you can see from the following trade alert for this currency pair. CHF/JPY is expected to rise to the target level 113.99 in the next 5 days. Autochartist set the stop-level for this forecast at 112.20 (point A). This point formed when the pair reversed up from the support zone lying between the support level 112.300 (which also reversed CHF/JPY in February), 38.2% Fibonacci Correction of the weekly upward impulse from June of 2013 and the lower weekly Bollinger Band.
The weekly CHF/JPY chart below shows the aforementioned support levels:
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