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11 Sep 2013
CHF/JPY rallies to 150-day summits; targets 107.40 zone
FXstreet.com (Chicago) - CHF/JPY extends upward trendline after breaking through 107.10 strong resistance (double tops on July 25th and August 25th). The pair reached 107.53 150-day highs prior to the closing of the American trading session.
Data recap
Later today, Japan will release its foreign bond investment results for August along machinery orders, and foreign investment data in Japanese stocks. Earlier this week, the State Secretariat for economic affairs in Switzerland released its 3.2% unemployment rate. Real retail sales were also made public at 0.8% vs. past 2.3%. The Syrian conflict might be almost over as a general acceptance seems to the "peaceful" Russian proposal spreads across the world with the US analyzing the situation and Syria welcoming the idea to give chemical weapons. A few hours ago it was reported the US Secretary of State and the Russian president will meet sometime this week to discuss the issue.
CHF/JPY Technical Levels – prior to Tokyo
Price action reveals the continuation of an upward trendline that has become less and less steep over the past 12 months. Last week’s runaway gap set up an inconclusive bullish rally above the 107.00 zone. After breaking through strong 107.10 resistance and trading sideways for the last hours, the pair aims to consolidate its performance and trades at 107.37 between supports at 107.13 (August 22nd highs), 106.68 (August 1st highs) followed by 106.40 (August 21st highs) and resistances at 107.52 (April 12 2013) and 108.83 (April 2011 spike) before the 110 zone. According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and is offered above the EMA20.
Data recap
Later today, Japan will release its foreign bond investment results for August along machinery orders, and foreign investment data in Japanese stocks. Earlier this week, the State Secretariat for economic affairs in Switzerland released its 3.2% unemployment rate. Real retail sales were also made public at 0.8% vs. past 2.3%. The Syrian conflict might be almost over as a general acceptance seems to the "peaceful" Russian proposal spreads across the world with the US analyzing the situation and Syria welcoming the idea to give chemical weapons. A few hours ago it was reported the US Secretary of State and the Russian president will meet sometime this week to discuss the issue.
CHF/JPY Technical Levels – prior to Tokyo
Price action reveals the continuation of an upward trendline that has become less and less steep over the past 12 months. Last week’s runaway gap set up an inconclusive bullish rally above the 107.00 zone. After breaking through strong 107.10 resistance and trading sideways for the last hours, the pair aims to consolidate its performance and trades at 107.37 between supports at 107.13 (August 22nd highs), 106.68 (August 1st highs) followed by 106.40 (August 21st highs) and resistances at 107.52 (April 12 2013) and 108.83 (April 2011 spike) before the 110 zone. According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and is offered above the EMA20.