- CHF was the most active currency among USD pairs during the last five working days.
- An uptick in geopolitical risk premium has reinforced CHF’s safe haven status.
- CHF/JPY’s short-term major uptrend phase remains intact. The next resistance level is at 167.90/168.30.
This is a follow-up analysis of our prior report, “CHF/JPY Technical: Continuation of potential bullish impulsive up move” Published on 10th October 2023. For a quick recap, click here.
The CHF/JPY is following the expected impulse up move and has met the 165.20/165.60 resistance zone, as highlighted in previous analysis.
The current short-term uptrend phase in place since the 3 October 2023 low of 160.01 has been driven by the momentum factor supporting the CHF/JPY’s major uptrend phase since the 13 January 2023 low of 137.44.
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