Technical Analysis â CHFJPY rallies to an almost 2-year high
CHFJPY is advancing to an almost two-year high of 117.47 with strong momentum, confirmed by the rising 20- and 40-day simple moving averages (SMAs). The RSI indicator seems to be taking a turning point near the overbought level. However, the MACD is still extending above the trigger and zero lines.
A positive run above todayâs high could challenge the 118.05 â 118.55 resistance area ahead of the next round numbers of 119.00 and 120.00. After that, the 124.00 handle from December 2015 could come in focus.
On the other hand, if sellers resurface, the price could touch the 116.50 support ahead of the 23.6% Fibonacci retracement level of the up leg from 108.70 to 117.47 at 115.40. This is also where the 20-day SMA is currently located.  Clearing this barrier, the door could initially open for the 40-day SMA at 114.46 and then for the 38.2% Fibonacci of 114.14.
Concluding, the market has been in a rising tendency since May 6. Any downside pressures below the SMAs may shift the outlook to neutral.āĻ¸āĻ°ā§āĻŦāĻļā§āĻˇ āĻāĻŦāĻ°
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