Currency Pair: CHF/JPY
Chart: 60 Min Charts
Short-Term Bias: Bearish
Analysis
As the Swiss National Bank is widely expected to lower the benchmark interest rate this week, the CHFJPY should hold within the downward trending channel throughout the week, and may offer profitable opportunities for forex traders. Last week, increased selling pressures dragged the pair to a low of 75.07, but immediately turned around after triggering an oversold RSI signal. Over the next few hours of trading, we may see the pair push higher to cross above the 120 SMA, but the event risks scheduled for the week paired with risk aversion supports a bearish outlook for the pair. Be sure to check out other Technical Reports from DailyFX for additional information on the major currency pairs.
To contact the author of this article, please email: dsong@fxcm.com
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