FxWirePro: CHF/JPY Faces Strong Resistance at 111.65, Good to Sell on Rallies

FxWirePro: CHF/JPY Faces Strong Resistance at 111.65, Good to Sell on Rallies

2 May 2016, 12:47
Roberto Jacobs
0
7

FxWirePro: CHF/JPY Faces Strong Resistance at 111.65, Good to Sell on Rallies

  • Major support – 111.50 
  • The pair has broken major support 111.50 previous week and declined till 110.77. It is currently trading around   111.02. 
  • Short term trend is bearish as long as resistance 111.65 (200 W MA) holds. 
  • On the lower side any break below 110.75 will drag the pair down till 110/108.54 (161.8% retracement of 111.88 and 117.41). 
  • Any break above 111.65 will take the pair till 112.50/113. 
  • Overall trend reversal only above 115.05.

It is good to sell on rallies around 111.10-111.20 with SL around 111.70 for the TP of 110/10

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