FxWirePro: CHF/JPY forms Bullish Gartley pattern, good to buy on dips
Harmonic pattern formed – Bullish Gartley pattern Potential Reversal Pattern- 112.50 CHF/JPY has declined continuously for the past six days and shown a minor jump yesterday. The pair dipped till 113.40 and is currently …
CHF/JPY has declined continuously for the past six days and shown a minor jump yesterday. The pair dipped till 113.40 and is currently trading around 114.07.
The major support is around 112.50 any further bearish continuation can be seen only below that level. Any violation below 112.50 will drag the pair to next level 111.93 (61.8% retracement of 107.68 and 118.60)/111.
On the higher side, near term resistance is around 114.33 (38.2% retracement of 115.74 and 113.40) and any break above will take the pair to next level till 114.88 (20- day MA)/115.75.
It is good to buy on dips around 113.60-65 with SL around 112.50 for the TP of 114.85/115.50.
