The Swiss Franc made a U-turn from a support level formed by the monthly S1 at 106.90 during last week’s trading sessions. As a result, the currency pair has gained about 1.50% in value during this period.
The CHF/JPY exchange rate could aim for September 13 swing high at 109.50 within the following trading sessions. Moreover, the monthly pivot point and the combination of the 100– and 200– period SMAs are providing support for the pair at 108.24.
However, given that the currency exchange rate is currently trading in a downtrend line, bears could have the upper hand in the market within next week’s sessions.
