CHF/JPY breaks major trend line support, good to sell on rallies
Major support – 105.12 (trend line joining 103.54 and 104.03)
Major resistance- 106
The pair has broken trend line support and declined till 104.80 at the time of writing. It is currently trading around 104.91.
The decline from 111.43 till 101.73 would come to end if the pair breaks above 106. Any break above 106 will take the pair till 106.80/107.82.
On the lower side, any violation below 105.12 will drag the pair further down till 104/103.54.
In the hourly chart, the pair is trading well below Tenkan-Sen (105.22) and Kijun-Sen (105.30). So decline till 103.50/101.75 (Brexit low) for the intraday is possible.
It is good to sell on rallies around 105.10-105.20 with SL around 106 for the TP of 103.55/101.75
Major resistance- 106
The pair has broken trend line support and declined till 104.80 at the time of writing. It is currently trading around 104.91.
The decline from 111.43 till 101.73 would come to end if the pair breaks above 106. Any break above 106 will take the pair till 106.80/107.82.
On the lower side, any violation below 105.12 will drag the pair further down till 104/103.54.
In the hourly chart, the pair is trading well below Tenkan-Sen (105.22) and Kijun-Sen (105.30). So decline till 103.50/101.75 (Brexit low) for the intraday is possible.
It is good to sell on rallies around 105.10-105.20 with SL around 106 for the TP of 103.55/101.75