CHF/JPY At Support

The pair reached the support line yesterday and is now trading around the level of 112.60-112.75. The potentially buying zone would suggest that price is about to start rising as until now this level has provided the necessary support for the Swissie.

Below 111.50 CHF/JPY will have broken the trading channel and further depreciation could be expected. For now, first support level remains 111.90, while first resistance is 113.19.

Bulls' major target is the upper trend line at 115.40 which provides a strong resistance.

Chart: CHF/JPY D1