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FX.co ★ EUR/JPY Intraday Technical analysis

EUR/JPY Intraday Technical analysis

Daily chart. The Centre for Economics and Business Research (CEBR), a London-based economic consultancy, said that China will not overtake the US economy until 2028. According to the CEBR report, China is on its way to become the world’s largest economy in a much slower than previously expected pace. This is due to the relative slowdown in China`s domestic economy and the strengthening recovery in the US economy. “We still expect China to overtake the US as the world`s largest economy in 2028 for the first time since 1890,”the CEBR said.
Apparently these positively influenced the strengthening of the American currency against other as their counterparts and the Swiss franc was no exception.
So the USD/CHF pair fell well below its previous low creating a new floor very close to the line 0/8 Murrey in this case should be the last stand for the pair.  

EUR/JPY Intraday Technical analysis

4-hour chart. On the 4-hour chart we may also note that after hitting the green line 3/8 and having broken its trend line higher on the USD CHF pair easily broke its weekly pivot and ended up falling below its first weekly support then back to the support, that is below the 1/8 (yellow line) Murrey. Since the line eighth is considered a weak support line it is possible that the pair finally look to consolidate in the area of the line 0/8 or around 0.8800 with which we present a new opportunity to take positions with the least possible risk.

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EUR/JPY Intraday Technical analysis

1-hour chart.  Finally the 1-hour chart shows the unexpected movement of the USD/CHF pair from a technical point of view, because even though the price was above the line 5/8 and the first line of your channel trend and everything seemed to continue the uptrend, the prices fell by creating a new downtrend channel well below its line 3/8 that came to be the basis of its trading range. Now hopefully days of consolidation in this area since the line 2/8 is also important to consider support on which prices may find support before a definite trend.

EUR/JPY Intraday Technical analysis

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