Chart pattern - Double top
Major resistance - 111.95
CHFJPY has formed double top around 111.95 and started to decline sharply from that level. The pair has lost more than 20 pips in past one hour on account of slight strength in yen. Overall trend is weak as long as resistance 111.95 holds.
The near term resistance is around 111.95 high made on Mar 20th and any break above targets 112.20/112.60.
On the lower side, minor support stands around 111.05 (61.8% fib) and any violation below will take the pair to next level till 110.48/110. Any major weakness only below 110.
It is good to sell on rallies around 111.35-40 with SL around 111.95 for the TP of 110..
