CHFJPY Stands in Medium-Term Ascending Channel after Sharp Sell-Off

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CHFJPY is gaining some ground after the sharp selling interest in the previous sessions, while it is currently flirting with the 20-day simple moving average (SMA).

The technical oscillators follow the neutral-to-negative reaction in the market in the short-term time frame. The RSI is ticking down in the positive region, while the MACD is losing momentum below its trigger line in the bullish area as well. Therefore, a reversal to the top is on the cards, albeit remaining in the medium-term ascending channel.

If the pair manages to close above the 20-day SMA at 147.17, traders can increase their buy orders up to the 150.70 level. The bulls could try to break out of the resistance of 151.45 and test the barrier of 152.80 at the top of the channel.

However, if the 145.00 support trend breaks, the four-month view will change to neutral, and the focus will shift to the 143.50 hurdle. More declines could open the door for the 140.35 and 137.20 bars.

In conclusion, selling pressures on CHFJPY are likely to be short-lived as long as the price remains above 143.50.

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