CHF-JPY uptrend continuation

FX:CHFJPY   Swiss Franc/Japanese Yen
25 0 2
After posting a low of 111.212 last week Thursday, the CHF-JPY             pair has since retraced to just under the 38.2% retracement , which lies at 113.422. The daily technicals are looking bullish , with an imminent upward cross of the MACD , suggesting the formation of an uptrend at the daily timeframe . The relative strength index is also pushing towards 50 and a move above 50 will act as further confirmation of a new upward trend.

Switzerland's trade balance, exports and imports will be released tomorrow. The Swiss National Bank expects a slow but eventual recovery in exports. the consensus forecast for the trade balance tomorrow is 2,646 million CHF vs the previous figure of 1,386 million CHF. A figure higher than forecast should see bulls take further control of the market. With a better than expected trade balance, we should see the rate move higher towards the 50% retracement at 114.105, through the first traditional weekly resistance level .
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