USD/JPY and USD/CHF May Diverge as CHF/JPY Approaches Resistance

The US dollar's performance across FX majors is mixed, with USD/CHF maintaining a strong bullish structure and momentum on USD/JPY beginning to fade.

CHF/JPY's countertrend rally may provide an additional clue as it approaches a resistance cluster that could favor renewed Swiss franc outperformance against the Japanese yen.

The daily trend structure on USD/CHF is bullish, resembling a stock market more than a currency. A strong rally has formed from its lower trend channel since August, though its four-day pullback is losing momentum and hinting at a swing low.

A break above the 0.8262 high would clear the monthly R2 pivot and assume trend continuation for USD/CHF.