FX.co ★ CHF/JPY Bearish Outlook, April 14, 2011 (Weekly Strategy)

CHF/JPY

After an impressive upwards movement that led the Swiss Frank – Japanese Yen pair to the 93.94 high, we can predict a reversal of the positive trend and move to a wave of downwards movement, especially due to the fact the pair has failed twice to breach the major resistance level at 94.00. That said, the WEEKLY graph on the pair shows that the 88.60 strong support level is closing in on the pair from below.

The final goal for the expected downwards movement is positioned only at 88.60, the pair is expected to meet the secondary weekly support level around 90.00, which will serve as a test on its way down.