CHFJPY Up In A Channel

FX:CHFJPY   Swiss Franc / Japanese Yen
CHFJPY             has shown a lot of strength today and is likely to climb higher next week, towards the upper border of the channel. It seems also to be following an up fork, so chances are first the median line will be hit. The yen's weakness continues and the Swiss franc             got much stronger than at the end of the last week. Caution is necessary though, because the franc has become pretty overbought, may soon be running out of steam and lose its momentum. There's also a resistance level at about 123.12 (marked by recurring swings highs and lows).
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but swiss referendum a No vote is bearish for chf, no?
Thanks for the comment. Yes, it's worth taking into account. However, there will be 3 referendums on 30 November, and the the Swiss gold reserves is just one of them. Regarding the Swiss gold reserves though, the political proposal that would require the Swiss National Bank to have gold reserves of at least 20% of the value of the assets of the Swiss National Bank, and see all Swiss gold currently held in the Federal Reserve Bank of New York returned to Switzerland, is actually opposed by the Swiss National Bank and the Swiss government, as it would limit the SNB's ability to print money. So, I'm not so sure, if the vote "No" would simply translate into the swissy's sell-off. It has been strong recently, so I think that even if investors all of a sudden unaninomously decide do unload their CHF assets, we're not going to see a very deep decline happen, esp. against the Japanese yen. That's why I stay bullishly biased regarding this currency pair.
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