By: Dima Chernovolov
This technical analysis report is based upon a trade opportunity taken from Autochartist’s Market Reports.
CHF/JPY recently broke up through the upper resistance trendline of the daily Triangle chart pattern identified by Autochartist – as you can see from the following trade opportunity alert for this currency pair. The pair is set to rise to the target level 107.51 in the next 2 trading days. This forecast is aligned with the predominant uptrend that can be seen on the daily CHF/JPY charts. Autochartist sets the stop-level for this forecast at 103.1 (point A, the last connecting point of this Triangle). Point A formed recently when the pair reversed up from the combined support area (highlighted in green on the next chart below) made out of the 61.8% Fibonacci Retracement of the preceding upward leg of this Triangle (B to C) as well as the upward-sloping support trendline from January. The breakout of this Triangle coincided with the breakout of the longer-term daily Down Channel from April – which increases the probability the pair will reach the target level 107.51 in the next 2 trading days.
The following daily CHF/JPY chart shows the aforementioned technical price levels:
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