Technical Analysis – CHFJPY storms to a fresh all-time high
April 26, 2023 3:27 pm
CHFJPY experienced a significant downtrend after peaking at its previous record high of 151.41 in September 2022. However, the pair managed to rebound strongly from its 2023 bottom, posting a fresh all-time high of 151.51 last Tuesday before paring some gains.
The momentum indicators currently suggest that bullish pressures are fading but retain control. Specifically, the stochastic oscillator is descending after posting a bearish cross, while the RSI exited its overbought zone but remains way above its 50-neutral mark.
Should buyers push the price higher again, the October 2022 peak of 150.54 could act as initial resistance. A jump above that zone could open the door for the recent all-time high of 151.51. Further advances might then come to a halt at the 152.00 psychological mark.
On the flipside, should the pullback extend, the price may challenge the 149.10 hurdle. Failing to halt there, the pair could dive lower towards the 147.63 resistance, which could serve as support in the future. If that floor collapses, the bears could aim for 146.10 before 143.70 gets tested.
Overall, CHFJPY recorded a fresh all-time high in the previous daily session but suffered some losses as its rally reached extremely overbought conditions. Therefore, the pair could enter a consolidation period, until the market decides whether its rally should resume.
CHFJPY experienced a significant downtrend after peaking at its previous record high of 151.41 in September 2022. However, the pair managed to rebound strongly from its 2023 bottom, posting a fresh all-time high of 151.51 last Tuesday before paring some gains.
The momentum indicators currently suggest that bullish pressures are fading but retain control. Specifically, the stochastic oscillator is descending after posting a bearish cross, while the RSI exited its overbought zone but remains way above its 50-neutral mark.
Should buyers push the price higher again, the October 2022 peak of 150.54 could act as initial resistance. A jump above that zone could open the door for the recent all-time high of 151.51. Further advances might then come to a halt at the 152.00 psychological mark.
On the flipside, should the pullback extend, the price may challenge the 149.10 hurdle. Failing to halt there, the pair could dive lower towards the 147.63 resistance, which could serve as support in the future. If that floor collapses, the bears could aim for 146.10 before 143.70 gets tested.
Overall, CHFJPY recorded a fresh all-time high in the previous daily session but suffered some losses as its rally reached extremely overbought conditions. Therefore, the pair could enter a consolidation period, until the market decides whether its rally should resume.
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