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CFDs and forex (FX) are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX, or any of our other products work and whether you can afford to take the high risk of losing your money.
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1swissM

Trade in focus: CHFJPY

Forex 2 minutes to read
Picture of Michael McKenna
Michael McKenna

Head of Editorial Content, Saxo Bank

Summary:  Saxo's Trade Signals tool has identified a potential break through resistance to the upside in CHFJPY. Here, we take a look at the signal provided, as well as the parameters of the potential trade.

On Monday, we observed that Saxo's Trade Signals tool had identified a potential downside break out of a rising channel in AUDCAD, which traded at 0.9495 as of publication. The pair dropped to 0.9440 in Tuesday's session before rebounding slightly to trade at 0.9448 this morning. The pair remains to the downside of the observed rising channel.

Saxo's Trade Signals tool has identified a potential upside break out of a falling wedge formation in the relatively low-profile CHFJPY pair. The tool gives a probability of 66% to this analysis, with this measurement evaluated against past performance over six months with respect to this pattern type.

(Disclaimer: past performance probability may not be indicative of future performance.)

CHFJPY traded at 109.57 as of publication, with Trade Signals identifying this move as having the potential to extend towards the 110.48 area over the next 24 hours.

Trade Signals: CHFJPY
Source: SaxoTraderGO
Trade Signals: CHFJPY
CHFJPY (daily, source: Saxo Bank)
Click here to learn more about Trade Signals (powered by Autochartist)

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