FxWirePro: CHF/JPY Faces Strong Resistance at 112.50, Good to Sell on Rallies
11 May 2016, 13:59
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FxWirePro: CHF/JPY Faces Strong Resistance at 112.50, Good to Sell on Rallies
- Major Resistance- 112.50 (21 day MA)
- The pair has made a high of 112.50 and declined from that level. It is currently trading around 111.54.
- Short term trend is bearish as long as resistance 112.50 (21 day MA) holds.
- On the lower side any break below 111.45 will drag the pair down till 110.80/110.
- Any break above 112.50 will take the pair till 113/114.05.
- Overall trend reversal only above 115.05.
It is good to sell on rallies below 111.80 with SL around 112.50 for the TP of 110.80/110.
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