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- Friday, 16 October 2009 20:19:30 GMT FX Technical Weekly
- Friday, 16 October 2009 15:38:06 GMT Australian & New Zealand Dollar Outside Days Warn of Reversals
- Friday, 16 October 2009 09:48:52 GMT Euro Finding Offers Ahead of 1.5000; Kiwi Sell Recommendation Issued (Morning Slices)
- Thursday, 15 October 2009 14:32:51 GMT British Pound Surges into Fibonacci Resistance
- Thursday, 15 October 2009 05:24:16 GMT Sterling Finally Plays Catch-Up (Morning Slices)
- Thursday, 15 October 2009 07:56:53 GMT EUR/USD Sell Recommendation Issued @1.5035 (Daily Classical)
- Wednesday, 14 October 2009 14:56:16 GMT US Dollar Slips Lower; Euro Resistance Line at 1.5000 Today
- Wednesday, 14 October 2009 06:46:55 GMT Euro Surge Exposes Psychological Barrier (Daily Classical)
- Tuesday, 13 October 2009 18:19:16 GMT New Zealand Dollar Shows Reversal Characteristics
- Tuesday, 13 October 2009 07:47:43 GMT Euro Double Top Prospects Intact (Daily Classical)
- Monday, 12 October 2009 14:39:22 GMT Canadian Dollar Reaches Measured Objective Above 1.0300
- Monday, 12 October 2009 07:35:23 GMT Euro Carving Double Top (Daily Classical)
- Monday, 12 October 2009 07:35:23 GMT Euro Carving Double Top (Daily Classical)
- Friday, 09 October 2009 21:51:30 GMT FX Technical Weekly
- Friday, 09 October 2009 08:17:49 GMT British Pound Consolidates, Euro Hints Double Top Against US Dollar
- Thursday, 08 October 2009 14:42:21 GMT Dollar Fear Escalates as Prospect of a Panic Decline Emerge
- Thursday, 08 October 2009 06:28:39 GMT Prospects Fade for USD Bulls (Daily Classical)
- Wednesday, 07 October 2009 14:32:02 GMT Dollar Fights Back-AUD and NZD Reach Early 2008 Prices
- Wednesday, 07 October 2009 06:41:58 GMT Euro Stops Narrowly Averted (Daily Classical)
- Tuesday, 06 October 2009 18:26:25 GMT EUR/GBP Failure at Resistance Provides Scalping Opportunity
As the Swiss National Bank is widely expected to lower the benchmark interest rate this week, I expect the CHFJPY to hold within a downward trending channel throughout the week, and may offer profitable opportunities for forex traders.
Currency Pair: CHF/JPY
Chart: 60 Min Charts
Short-Term Bias: Bearish
Analysis Update
Over the last few hours of trading, the CHFJPY crossed above the 120 SMA as expected, but pared gains as the pair pulled back from an intraday high of 77.54. During the remainder of the trading session, I expect the pair to hold along the upper channel, and anticipate the franc-yen to move in tandem with the 120 SMA. Over the remainder of the week, we may see the pair work its way lower towards last week’s low of 75.07, and a break below this level may lead the pair towards the 11/14/01 low of 72.54 over the near-term. However, the fundamental event risks scheduled for the next 24 hours may call for a change in our outlook.
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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