The higher timeframe structure on CHF/JPY continues to reflect a strong bullish market environment. On the weekly timeframe, price remains in a well-established uptrend and the latest weekly candle has printed a Morning Star candlestick formation, a classic bullish reversal signal that often appears near the end of corrective pullbacks.
Should price break above Friday’s high at 202.63, this would provide additional bullish confirmation and could open the door for a continuation move higher. In that scenario, the next key technical level to watch sits around 204.00, which has previously acted as a significant resistance zone.
Looking at the daily timeframe, price action shows multiple rejections from the 198.00 region, indicating the presence of strong underlying demand and reinforcing the bullish higher-timeframe bias.
With this structure in mind, traders may begin to monitor the lower timeframes for potential long opportunities, provided that any setups align with their individual trading plan, entry criteria, and risk management rules.