- Harmonic pattern – Bearish AB= CD pattern.
- Potential Reversal Zone – 116.52.
- CHFJPY has pared some of its gains which it has made past one week. The pair hits high of 116.47 on Sep 19th 2017 and is currently trading around 115.66.
- In the daily chart the pair has formed Bearish AB=CD pattern and any minor bullishness can be seen only above 116.52 level.
- On the lower side, any break below 115.50 (23.6% retracement of 112.56 and 116.47) and any break below will drag the pair till 115/114.63 (55- day EMA).
- The near term resistance is around 116 and any break above will take the pair till 116.52/117.
It is good to sell on rallies around 115.75-80 with SL around 116.50 for the TP of 114.55/113.60.
