After dipping below 93.00 yesterday, the CHFJPY has bounced back to the upside, but has failed to break above 95.00.
[B]Currency Pair: [/B]CHF/JPY
[B]Short-Term Bias: [/B]Short
[B]Chart: [/B]15 Min Charts
[B][U]Analysis[/U][/B]
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After dipping below 93.00 yesterday, the CHFJPY has bounced back to the upside, but has failed to break above 95.00. Since last week, the pair has held within a tight range between 92.95 and 95.85, but may break out of its current range over the next few weeks.
The decline in the 120SMA favors a bearish outlook for the pair, and we may see the pair move back into the downward trending channel over the next few hours. The downward momentum should lead the pair lower over the course of the trading session, and may test 93.00 for support once again. Be sure to check out other Technical Reports from DailyFX for additional information on the major currency pairs.
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