CHFJPY moves south drawing lows and highs at lower and lower levels. The nearest key support is in the area below 112.70.

This week there is a lot of indecision, where the quotes are moving in a narrow range. After switching to a H1 chart, this indecision takes form of a growth channel.

Price is approaching its upper limit. If the price remains to be in consolidation, a further reflection is expected from the channel resistance. As the quotes are in a downtrend, it is preferable to break down the bottom of the channel formation and target key support around 112.70.

However, if the breakout from the channel is thru the top, then the price may remain in a broader consolidation, where resistance is within 114.97.

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