CHF/JPY Hits Fresh All-Time High in Strong Bullish Uptrend

Bullish acceleration within long-term secular uptrend to print a fresh all-time high of 166.60 yesterday, 30 August.
Current minor pull-back of 102 pips from 166.60 all-time high has almost reached a short-term oversold condition as indicated by the hourly RSI.
Key short-term support rests at 165.10.

The cross-pair CHF/JPY has continued its impulsive up-move sequence in the month of August where it rallied by +291 pips as of 31 August 2023 at this time of the writing, capping off a relentless bullish acceleration seen in the past six months with an accumulated gain of +2,378 pips since January 2023 reinforced by a clear bullish breakout from the longer-term secular ascending channel resistance (upper boundary) in the month of April 2023.

It has already surpassed the prior major secular peak of 158.45 printed in October 1979 and hit a fresh all-time intraday high of 166.60 yesterday, 30 August.

Bullish acceleration of long-term secular uptrend phase

Fig 1: CHF/JPY long-term term secular trend as of 31 Aug 2023 (Source: TradingView, click to enlarge chart)

Hourly RSI oscillator has almost reached oversold condition

Fig 2: CHF/JPY minor short-term trend as of 31 Aug 2023 (Source: TradingView, click to enlarge chart)

Kenny Fisher

A highly experienced financial market analyst with a focus on fundamental analysis, Kenneth Fisher’s daily commentary covers a broad range of markets including forex, equities and commodities. His work has been published in several major online financial publications including Investing.com, Seeking Alpha and FXStreet. Based in Israel, Kenny has been a MarketPulse contributor since 2012.