FxWirePro: CHF/JPY forms Bearish pattern, good to sell on rallies
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 arou…
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.
