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Add as a preferred source on Google FxWirePro: CHF/JPY faces strong resistance at 112.50, good to sell on rallies Major Resistance- 112.50 (21 day MA) The pair has made a high of 112.50 and declined from that level. It is currently trading around 111.54. Short term trend is bearish as long as resistance 112.50 (21 day MA) holds. On …
By FxWire Pro May 11, 2016, 10:53 AM UTC
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Major Resistance- 112.50 (21 day MA)
The pair has made a high of 112.50 and declined from that level. It is currently trading around 111.54.
Short term trend is bearish as long as resistance 112.50 (21 day MA) holds.
On the lower side any break below 111.45 will drag the pair down till 110.80/110.
Any break above 112.50 will take the pair till 113/114.05.
Overall trend reversal only above 115.05.
It is good to sell on rallies around 111.80 with SL around 112.50 for the TP of 110.80/110.
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