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CHFJPY looks neutral in short-term
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Momentum oscillators suggest upside move
CHFJPY is flirting with the 200-day simple moving average (SMA) above the 171.00 mark, which acted as a strong resistance level in the preceding days. The stochastic oscillator is opening the way for a test of the overbought area, while the RSI is moving higher below the neutral threshold of 50.
Immediate resistance to more increases could come from the inside swing low on July 25 at 172.20 before rallying towards the 50-day SMA, which holds slightly beneath the 175.15-175.85 resistance area.
In the opposite view, a retreat again could drive the bears towards the 168.40 support (previous bottom), ahead of the bearish spike created on August 5 at 166.85.
In brief, CHFJPY is looking in the short-term view after the downfall beneath 172.20 but in the medium-term is still bearish following the bearish wave from 180.00.
