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20 Sep 2013
CHF/JPY enjoys new multiyear highs
FXstreet.com (Athens)- The CHF/JPY is trading slightly downwards since the opening of the Asian trading session, but remains over 109.00 area, having yesterday hit a high as of 109.38 (highest level since 1990).
CHF/JPY on multiyear highs not seen since 1990; regains uptrend momentum after Kuroda speech
The CHF/JPY continues to set up its upward trend momentum since the 16th of September. Taken for granted that today most Asian markets were closed due to the mid-Autumn festival, we should pay much attention to what the BoJ Kuroda told to the press a bit earlier. Generally speaking while most of investors should wait for a BoJ’s response to FOMC minutes, Kuroda didn’t say much new things to his speech. He mentioned that ““Easing will keep downward pressure on Yields”, “Rising inflation pressures the sovereign creditworthiness in emerging Asia”, as well as “Achieving fiscal health is essential for the economy.” What’s more, he added that “The recovery of the economy is expected to continue at a moderate pace.” The CHF/JPY is one of the most outperforming crosses all over the globe, since it stands very close to highs that has not touched since early 90’s (!).
Technical Outlook and Strategic Bias on CHF/JPY
Fan Yang , Forex Trader, Analyst, Educator at FXTimes noted the daily breakout. “The daily chart shows the market breaking out of a consolidation since April. The support was not always clear, but resistance was around that 107.50 area. You can also see that this consolidation was on the back of an already bullish market and price remained above the 200-day SMA, which reflects continuation of the uptrend. Also note the rising speedline that has supported all of 2013 price action”.
CHF/JPY on multiyear highs not seen since 1990; regains uptrend momentum after Kuroda speech
The CHF/JPY continues to set up its upward trend momentum since the 16th of September. Taken for granted that today most Asian markets were closed due to the mid-Autumn festival, we should pay much attention to what the BoJ Kuroda told to the press a bit earlier. Generally speaking while most of investors should wait for a BoJ’s response to FOMC minutes, Kuroda didn’t say much new things to his speech. He mentioned that ““Easing will keep downward pressure on Yields”, “Rising inflation pressures the sovereign creditworthiness in emerging Asia”, as well as “Achieving fiscal health is essential for the economy.” What’s more, he added that “The recovery of the economy is expected to continue at a moderate pace.” The CHF/JPY is one of the most outperforming crosses all over the globe, since it stands very close to highs that has not touched since early 90’s (!).
Technical Outlook and Strategic Bias on CHF/JPY
Fan Yang , Forex Trader, Analyst, Educator at FXTimes noted the daily breakout. “The daily chart shows the market breaking out of a consolidation since April. The support was not always clear, but resistance was around that 107.50 area. You can also see that this consolidation was on the back of an already bullish market and price remained above the 200-day SMA, which reflects continuation of the uptrend. Also note the rising speedline that has supported all of 2013 price action”.