CHFJPY Eyes 144.75 Resistance

Tues 14th February 2023 : Daily Currency Strength Analysis

In Today’s Video we’re looking at Trading Setups in:

• CHFJPY
• GBPUSD (Covered in Video)

CHFJPY Eyes 144.75 Resistance

In today’s forex strength video we identified that the Swiss Franc (CHF) is a strong currency, and the Japanese Yen (JPY) remains a weak one.

This should show CHFJPY forming a upward trend. 

Price found support at the key horizontal and trendline support of 137.50.

Price rallied over 600 pips from this level breaking above multiple resistance levels.

These levels included the recently formed highs of 143.00.

If price can retest this level and bullish price action form we could look for a buying opportunity here.

Targets for buyers will be the untested resistance levels of 144.75 and 148.25.

If price does not return to 143.00 we could expect a break and retest of 144.75.

Technical Observations

• The JPY is W1 and CHF is S2 on the day traders table.
• Price has found support at the lows of 137.50.
• Highs around 143.00 have been broken through. 
• This could act as support if retested.
• Resistance sits at December highs of 144.75.
• A break above these highs would lead to a move towards 148.25.
• Price is trading above the daily 200 moving average.