Daily Forex Update: CHF/JPY

By: Dima Chernovolov

CHF/JPY continues to rise inside the Flag chart pattern which was recently identified by Autochartist on the 4-hour charts. Autochartist rates the Quality of this Flag at the 9 bar level – which reflects the strong Initial Trend (10 bars), significant Uniformity (7 bars), and near-maximum Clarity (9 bars). High Initial Trend reflects the strength of the preceding price impulse which acts as the “flag-pole” of this Flag. CHF/JPY expected to rise further inside this chart pattern.

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As can be seen from the daily CHF/JPY chart below, this Flag is continuing the strong daily impulse which began recently from the support area lying between the support level 108.00, lower daily Bollinger Band and the 61.8% Fibonacci correction of the sharp upward price thrust from September. The sharpness of this daily impulse increases the probability CHF/JPY will continue to rise inside Flag chart pattern.

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