CHF/JPY
Short-term forecast- key resistance level 116.78
The pair has been in a down trend from 119.15 (December 2013 high) and dipped to 111.66 levels. It made a triple top at 117.78 levels, currently it is taking support at 112.82 levels. This week's key resistance level is placed at 114.91 levels. In yesterday's session, it made a high at 114.87. We expect selling will take place until the pair crosses the 114.87 level, if it crosses it, then it will fly to 115.35 levels. For the short-term perspective, until the pair crosses above the 117.78 levels, bears will have an upper hand for an open target for 11.20/110.50 levels.
Weekly forecast- key resistance level 115.20
In Asia's trading session, the pair opened in a highly bearish mode, opened high and was unable to cross the yesterday's high of 114.87. The pair looks safe for buying only above 114.93 for 115.20 as immediate targets; short here with sl 115.35. This view is for weekly trading perspective (June 06-13). A day close above 115.20 (50-day SMA), it can extend its rally up to 116 and 116.80 levels. No longs until the pair trades above 114.87 levels.
For intraday basis, the pair set for a correction to 114.60, 114.50, 114.40, 114.23, 114 and 113.80 levels. Traders can buy above 114.93 for targets 115.20, 115.28 and 115.50 levels.
The material has been provided by InstaForex Company - www.instaforex.com
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