FxWirePro: CHF/JPY hits new multi-year lows at 113.67, further downside could test 111 levels
Friday, February 19, 2016 9:00 AM UTC
- 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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