Watch for a strong reaction at the WS2 at 83.25. There was a prefect hit on my WS3 at 82.54 on a continuation. If 83.25 gets taken out comfortably, then we should be back in the UP.
This seems to be a broad base consolidation which means the peak at 91.37 6 weeks ago should be broken, as we still head to the higher confines of the 96.00 range. That has been my outlook for the last 10 weeks. It's just the route is different than expected.
You are probably dealing with FA type of data in asking the question about the CHF/JPY needing support from the EUR or GBP. From an analytical point of view, these days the CHF/JPY will not head north until we see USD weakness. This is because the JPY these days has virtually no effect on any of the crosses which means the CHF will have to show some muscle against the USD before we see the CHF/JPY take off north. I essence, the general rule is when the USD/CHF moves south, the EUR/USD and GBP/USD move north.
I hope you see how I tied that together without implying the CHF/JPY is getting support from the EUR or GBP.
@4xpip,
What's ailing the Chf/Jpy? Considered the safe haven - yet in so much consolidation.
Can it move without support from Eur or Gbp?