This analysis includes the price movement of the Swiss Franc against the Japanese Yen on the weekly and daily frames, and expectations about the future movement and market direction
Swiss Franc against the Japanese Yen
On the weekly time frame:
As mentioned in the previous analysis, the Swiss franc on the weekly time frame breaks through a crucial resistance line at the price of 118.104, which confirms the bullish frame.
As we also mentioned, breaking the bullish trend downward will not change the trend direction, and it is a corrective bounce in the form of a triangle.
Fixing the price at 117.509 and the rebound upwards is important to confirm the rise.
On the daily time frame:
On the daily chart, the breach of the price 120.594 was substantial as a confirmation signal to go long on this pair, and the target was at the previous high at 122.561, which this pair targeted after the decline of the Japanese yen and the rise of the Swiss franc.
Traders should pay more attention to the uptrend due to the breach of the previous high, which indicates a positive sign in the long term.
This analysis is an update on the previous analysis.
Tags : CHFJPY