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FxWirePro: CHF/JPY hits new multi-year lows at 113.67, further downside could test 111 levels

CHF/JPY has been trading a falling channel, the pair has hit fresh multi-year lows at 113.67. Trend is lower, momentum is bearish, we see scope for tests of 111 levels. Immediate resistance is by 5-DMA at 114.81, while s…

By Jay L. Zagorsky
1 min read
FxWirePro: CHF/JPY hits new multi-year lows at 113.67, further downside could test 111 levels
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  • CHF/JPY has been trading a falling channel, the pair has hit fresh multi-year lows at 113.67.

  • Trend is lower, momentum is bearish, we see scope for tests of 111 levels.

  • Immediate resistance is by 5-DMA at 114.81, while supports on the downside lie at 113 (wedge base) and then at 111.70 (trendline).

Recommendation: Good to short rallies in the pair around 114 levels, SL: 115, TP: 113.30/112.10/111.20

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