FxWirePro: CHF/JPY forms Bearish pattern, good to sell on rallies
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 see…
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 115.55.
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.
