Home Technical Analysis CHFJPY: Further debasement under-preparation

CHFJPY: Further debasement under-preparation

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The daily graph of CHFJPY pair shows that, bulls have been thwarted at the resistance of classical channel, as the pair has declined sharply and it is currently re-experiencing the middle line of the channel.

chfjpy-10-06-2015-fxcomment

Additionally, the long black candlestick may assist bears to clear the middle line of the channel by the end of the day and may confirm the sign of trend exhaustion appearing on Stochastic. Meanwhile, DMI showed that, the trend is slowing down.

Eyes will be on the classical support of 131.30 followed by 128.15, while 134.60 should hold to protect the bearish outlook.

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Amir El-Araby Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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