CHF/JPY Technical: Rallied above 43-year high

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<li><strong>Current impulsive up move of CHF/JPY has cleared above major resistances of 157.98 & 158.45.</strong></li>
<li><strong>Short-term momentum remains bullish.</strong></li>
<li><strong>90 is the key short-term support to watch.</strong></li>
</ul>
<p>The <a href="https://www.oanda.com/sg-en/trading/instruments/">CHF/JPY</a> cross has continued to its relentless rally as it broke above key resistance levels; 157.98 (the high obtained right during the EUR/CHF unpegged shock in January 2015) and 158.45 (Oct 1979 major swing high).</p>
<h2><strong>Broke above Oct 1979 major swing high of 158.45</strong></h2>
<p><a href="https://www.marketpulse.com/wp-content/uploads/2023/06/CHFJPY_2023-06-27_17-36-27.png"><img loading="lazy" class="alignnone wp-image-806015 size-large" src="https://www.marketpulse.com/wp-content/uploads/2023/06/CHFJPY_2023-06-27_17-36-27-1024×596.png" alt="" width="700" height="407" srcset="https://www.marketpulse.com/wp-content/uploads/2023/06/CHFJPY_2023-06-27_17-36-27-1024×596.png 1024w, https://www.marketpulse.com/wp-content/uploads/2023/06/CHFJPY_2023-06-27_17-36-27-300×175.png 300w, https://www.marketpulse.com/wp-content/uploads/2023/06/CHFJPY_2023-06-27_17-36-27-768×447.png 768w, https://www.marketpulse.com/wp-content/uploads/2023/06/CHFJPY_2023-06-27_17-36-27.png 1507w" sizes="(max-width: 700px) 100vw, 700px" /></a></p>
<p>Fig 1: CHF/JPY long-term secular trend as of 27 Jun 2023 (Source: TradingView, click to enlarge chart)</p>
<p>The next key medium-tern resistance zone stands at 163.20/166.70 defined by a cluster of Fibonacci extension levels (see 3-month chart).</p>
<p>The key medium-term support rests at 146.60 defined by the 200-day moving average and the former swing highs of July/October 2022.</p>
<h2><strong>The short-term uptrend remains intact</strong></h2>
<p><a href="https://www.marketpulse.com/wp-content/uploads/2023/06/CHFJPY_2023-06-27_18-24-07.png"><img loading="lazy" class="alignnone wp-image-806016 size-large" src="https://www.marketpulse.com/wp-content/uploads/2023/06/CHFJPY_2023-06-27_18-24-07-1024×557.png" alt="" width="700" height="381" srcset="https://www.marketpulse.com/wp-content/uploads/2023/06/CHFJPY_2023-06-27_18-24-07-1024×557.png 1024w, https://www.marketpulse.com/wp-content/uploads/2023/06/CHFJPY_2023-06-27_18-24-07-300×163.png 300w, https://www.marketpulse.com/wp-content/uploads/2023/06/CHFJPY_2023-06-27_18-24-07-768×418.png 768w, https://www.marketpulse.com/wp-content/uploads/2023/06/CHFJPY_2023-06-27_18-24-07.png 1507w" sizes="(max-width: 700px) 100vw, 700px" /></a></p>
<p>Fig 2: CHF/JPY minor short-term trend as of 27 Jun 2023 (Source: TradingView, click to enlarge chart)</p>
<p>The price actions of CHF/JPY have continued to evolve within a minor ascending channel in place since the 13 June 2023 low of 153.37 and traded above the upward-sloping 5-day moving average (see 1-hour chart).</p>
<p>The hourly RSI has just staged a bullish breakout which indicates that short-term momentum remains positive.</p>
<p>Watch the 159.90 key short-term pivotal support with the next resistances coming in at 162.00 (psychological level) and 163.20 (the intersection between the upper boundaries of both the medium-term and minor ascending channels).</p>
<p>However, a break below 159.90 negates the bullish tone to expose the next minor supports at 158.70 and 157.20.</p>