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FxWirePro: CHF/JPY Trade Idea

  • Harmonic Pattern formed = Bearish AB =CD pattern.
     
  • CHFJPY is continuing its losing streak after showing a minor top around 116.04 on yesterday. The pair is showing slight weakness for the intraday and minor jump can be seen only above 116.05. It is currently trading around 115.67.
     
  • Short term trend is slightly bearish as long as resistance 116.45 holds. Any break above 116.45 will take the pair to next level till 117/117.50. 
     
  • On the lower side, 115.50 (23.6% retracement of 112.55 and 116.47) will be acting as major support any violation below will drag the pair down till 115/114.60 (233- 4H MA)/113.50.
     
  • Overall bullish invalidation only below 112.50.

It is good to sell on rallies around 115.75-80 with SL around 116.45 for the TP of 114.61/113.50.

 Resistance
               

R1- 116.05

 

R2 116.50
 

R3- 117
 

Support               
 

S1- 115.50
 

S2-115
 

S3-114.60

 

 

 

 

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