Swiss Franc’s “relative” strength in the past few weeks was very clear, as seen is downside breakouts in EUR/CHF and USD/CHF, but range trading in USD/JPY and EUR/JPY. Though, CHF/JPY lost momentum just ahead of 117.86 key resistance last week.
For now, further rise is still expected as long as 116.43 support holds. Sustained break of 117.86/118.60 will indeed resume whole long term rebound from 101.71 (2016.06). That would pave the way to 100% projection of 101.71 to 118.60 from 106.73 at 123.62 in the medium term. That would solidify Franc’s leading role as a safe haven currency. Though, break of 116.43 support will, a least, turn near term outlook neutral first.
