FxWirePro: CHF/JPY forms bearish divergence in MACD daily chart, jump till 110 likely
CHF/JPY continuing its losing streak for the past one month after hitting the high of 114.30 on Mar 14th 2017. The pair has broken major support 200- day MA at 109 and declined till 107.68 at the time of writing. It is c…
CHF/JPY continuing its losing streak for the past one month after hitting the high of 114.30 on Mar 14th 2017. The pair has broken major support 200- day MA at 109 and declined till 107.68 at the time of writing. It is currently trading around 107.90.
The pair is the oversold territory (RSI –around 20) level and MACD (Bearish divergence) . So a minor jump till 109.15 (7- day MA) likely.
JPY is trading against all major pairs on account of geopolitical tensions in North Korea.
On the lower side, near term support is around 106.99 (61.8% retracement of 101.73 and 115.51) and any break below will drag the pair down till 104.
It is good to buy on dips around 107.75-80 with SL around 106.99 for the TP of 109.15/110.
