CHF/JPY
The pair has been in an uptrend from 112.98 levels. Today it exactly touches at 50-day Sma 114.42, but it is unable to breach it. In a bullish view, if the pair manages to breach the 50-D Sma level, we can see some more upside 114.87 (double top). This will give a clear indication that the pair is facing a very strong, rough road between 114.42-114.87 levels. The short-term reversal level is placed at 114.87, above this, we can see 115.47, 115.90, 116.78 and 117.70 levels. We strongly recommend to buy above 115 (safe traders) for 116.78 and 117.70 levels.
On the bearish front, the pair looks weak below 114 and the nearest support is located between 113.55-113.30, 112.95 and 112.60 levels. A day close below 112.60, the short term will turn to negative side favoring bears.
Intraday- cmp 114.23
The pair looks extremely overbought at the current levels. We expect at this current juncture, it cannot breach the trend reversal level at 114.87. Risky positional trades can sell on an up move with sl 114.87. The pair has an intraday support at 114.10, below this, it has support at 113.95, 113.80. Once it breaks below 113.80, we can see more selling pressure to 113.70, 113.30 and 113 levels.
Safe traders- cmp 114.25
Sell below 114
Buy above 115
The material has been provided by InstaForex Company - www.instaforex.com
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