The price movement of the CHF/JPY currency pair has been constrained by a junior ascending pattern. The pair bounced off its lower boundary on May 8 and has since rallied.
The exchange rate could continue appreciating within the following trading sessions in line with the junior pattern. The pair is likely going to breach the upper boundary of a dominant descending channel in the short term. At the time of this analysis, a combined support set by the weekly and the monthly PPS near the 111.37 regions was providing support for the pair.
In the meantime, technical indicators flash strong buy signals. This suggests that bulls dominance over the rate is likely to grow stronger.
