The Swiss Franc has depreciated substantially against the Japanese Yen during the past one month. This bearish movement has been stranded in a three-month descending pattern whose upper boundary was hit on April 24.
The 200– hour simple moving average has provided strong resistance for the currency pair and thus sending the pair further south. However, this fall could encounter a support formed by the monthly S1 at 109.93.
As for near future, the CHF/JPY exchange rate is likely to continue to losing strength. Meanwhile, technical indicators demonstrate that bears could grow stronger during the following trading sessions.
