CHF/JPY is still trading down although a corrective wave up is taking place. The price is moving within the descending channel, and it was very close to reach the upper trend line, but yet failed to do so.
At the same time, CHF/JPY broke above 61.8% Fibonacci but has not touched the channel nor the next Fibonacci retracement level 76.4%.
While an uptrend trend line was rejected and resistance was not tested. Consider buying CHF/JPY near the current rate targeting R2 (124.24). Stop loss should be placed below S1 (122.34), which is 50% retracement level.
Support: 122.34
Resistance: 123.20, 124.25
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of CHF/JPY for December 16, 2015 . Thanks for your support.
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