The CHF/JPY exchange rate has entered into consolidation on the medium term scale as the pair is now trading at 111.76. The exchange rate has been trading at a zig-zag pattern since mid July when the pair tried to break the 200SMA to the upside but was unsuccessful as traders took it down to the 50SMA at 111.46 and then back again close to the starting point at 113.15.
Bears seem to have taken control once again over the pair as it's moving down today from a high of 111.90.
Main bear target is seen at 110.00 - 109.80, while second and third targets rest at 108.48 and 107.68 which would both make double bottoms in accordance with previous lows.
Chart: CHF/JPY D1
Very helpful analysis.
ReplyDeleteI'll keep those levels in mind.
ReplyDeleteThat's good to know, thanks!
ReplyDeleteThank you for the analysis.
ReplyDeleteVery good post.
ReplyDeleteThank you for the useful info.
ReplyDeleteInteresting levels to be watchful of, thanks for the info.
ReplyDeleteUseful information.
ReplyDelete