FxWirePro: CHF/JPY upside capped by 61.8% fibo, good to sell on rallies
Major support – 113.90 CHJPY has slightly recovered till 114.73 after hitting low of 113.95 yesterday. Short term trend is still weak as long as resistance 115.38 holds. It is currently trading around 113.99. Any break b…
CHJPY has slightly recovered till 114.73 after hitting low of 113.95 yesterday. Short term trend is still weak as long as resistance 115.38 holds. It is currently trading around 113.99.
Any break below 113.90 will drag the pair down till 113.61 (61.8% retracement of 112.56 and 115.38)/113. Short term bearish continuation only below 112.50.
On the higher side, minor resistance is around 114.78 (61.8% retracement of 115.38 and 113.95) and any above that level will take the pair till 115/115.32 (Aug 30th low)/115.66/116.
It is good to sell below 114-114.10 with SL around 114.78 for the TP of 113/112.58.
