CHF/JPY is traded at 118.32 level and it seems determined to jump higher after retesting the immediate support levels. The bias is bullish, so the pair could resume its uptrend.
The Swish Franc is strongly bullish as the risk-off sentiment dominates the markets. JP225’s further growth in the coming period could force the Yen to depreciate versus its rivals.
CHF/JPY has decreased a little to retest the major descending pitchfork’s upper median line (UML) and the weekly S1 (117.68). Now is fighting hard to approach the immediate highs and to stabilize above the weekly pivot of 118.21.
The pair has escaped from a continuation pattern, so a new higher high could validate more gains. Also, its failure to approach the major descending pitchfork’s median line signaled that CHF/JPY may resume its growth.
It has found strong support around 116.00 psychological level invalidating a larger correction. 118.86 is seen as a critical resistance.
Jumping and stabilizing above this level could bring a new trading opportunity and could validate a swing higher.