• FxWirePro: CHF/JPY forms bullish pattern, good to buy on dips

    Source: FxWire Pro - Technicals / 13 Feb 2018 08:08:24   Eastern Standard Time

    • Harmonic trading pattern – Bullish AB=CD pattern.
    • Potential reversal zone – 114.95.
    • CHF/JPY is trading weak for past one week. The pair declined almost 350 pips from the high of 118.55 made on Feb 2nd 2018. It hits low of 114.98 and is currently trading around 115.28.
    • The pair’s major near term resistance is around 116.05 and any break above will take the pair till 116.65/117.23 level. Minor trend reversal above 117.25 level. Overall bullish continuation above 118.60.
    • On the lower side, near term support is around 114.80 and violation below will drag the pair till 114.40/114.

    It is good to buy on dips around 115.20 with SL around 114.80 for the TP of 116.05/116.60.