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CHF / JPY (CHFJPY)

MetisEtradePR · 4 · 3615

MetisEtradePR

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Support and Resistance Level

After last month’s false breakout, the franc-yen resumed its consolidation within the triangle it has been forming since the end of 2013. Currently nearing support at 111.949, the currency is expected to appreciate up to the immediate resistance at 113.647. More conservative traders could wait for a bounce from the price floor before going long on the pair.

Trend Indicators

The 100-day (red line) and 200-day (blue line) simple moving averages show that the currency is in a period of consolidation in the medium-term, with some downside movement as the price recently dipped below the indicators. A resistance zone from the SMAs could be found from 113.669 to 114.513.

Oscillators


The relative strength index in the 4-hour chart signals impending correction as a bullish divergence could be seen between the price chart and the index. While the prices reached lower lows, the oscillator made higher lows, indicating a loss in bearish momentum. The index currently stands at 35.22 after recovering from oversold conditions. A dip below RSI level 30 is possible before the trend reversal.


MetisEtradePR

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In their last meeting, the Bank of Japan decided to maintain current monetary policy. Interest rates remained at 0%. The monetary base will continue to be increased at an annual pace of 80 trillion Japanese Yen. These decisions are expected to help the central bank reach its 2.0% inflation target and help accommodate growth in the Japanese economy. In the long-term, inflation expectations are rising. Japan’s year-on-year inflation rate was reported to be at 2.40% for the month of January. The Japanese economy is expected to make a moderate recovery. The recovery is mainly due to a pick-up in exports, increasing business fixed investment and resilient consumption brought about by improvement in employment and income situation. Japan’s economy was reported to have expanded 0.40% in the fourth quarter of 2014. Given that there are signs of improvement in Japanese economy, the BOJ will most likely not make any changes to their currenct policies in tomorrow’s statement.


MetisEtradePR

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Support and Resistance Level

CHFJPY has been generally moving in a downtrend since the January 2015 3000-pip appreciation of the Swiss Franc. The downtrend is expected to continue. The currency pair recently tested the channel resistance of the downtrend at 124.721. A sell position should be taken after the test. Profit-taking should be done before the near support level at 122.280 is reached.

Trend Indicators

The 400-hour (red line) and 800-hour (blue line) simple moving average of CHFJPY shows a near support and resistance level of the currency pair. The currency pair will most likely move between the 400-hour and the 800-hour simple moving average. A sell position should be taken after the touch of the 400-hour simple moving average.

Oscillators

The relative strength index (RSI) of the CHFJPY four-hour chart shows that the currency pair is neither overbought nor oversold. The RSI is currently at 54.27.


MetisEtradePR

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Support and Resistance Level

CHFJPY has been moving in a downtrend for over two months. A reversal of this trend occurred after the currency pair breached the channel resistance of the downtrend. The currency pair has been moving in an uptrend after the breakout. A buy position should be taken after the test of the support level at 123.490. Profit-taking should be done before the 125.074 level is reached.

Trend Indicators

The 10-day (red line) and 20-day (blue line) simple moving average (SMA) of CHFJPY shows the reversal of the trend after the 10-day SMA crossed the 20-day SMA from below. The 10-day SMA can serve as a support level of the CHFJPY uptrend.

Oscillators

The relative strength index (RSI) of the CHFJPY four-hour chart reveals that the currency pair is neither overbought nor oversold. The RSI is currently at 52.24. An RSI level between 40.0 and 80.0 indicates that the uptrend will continue.


 


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