CHF has been strengthening against JPY currently. This bas made the price line to start an ascending rally. Right now the price is on a strong weekly resistance and RSI is showing diversion comparing to price. The overall look of the chart is still bullish but on the other hand some trend reversal signals have been issued.
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The price has formed a sharp ascending channel and right now is on the dynamic resistance, mid line of the channel, and is expected to react to this area. RSI indicator is on 82.5 and also is showing diversion comparing to the price line. In case the resistance can push the price down once more, The closest support, lays at about 123 which can be targeted by sellers as their first TP. in case this area gets ruined the next targets would be 122.3 and 122. On the other hand, bulls can step in, in case the mid line of the channel can not stop the growth. 126 can be targeted as the first TP for bulls. Please vote that both in weakly and 4h chart, diversion of RSI and the price line is visible and a ascending phase is less expected to accure.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.