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FxWirePro: CHF/JPY hits fresh 7-month low, good to sell on rallies

  • Major Support – 112.30.
     
  • CHF/JPY is trading weak more than one month and hits low of 112.06 after forming a temporary top around118.55. It has declined more than 640 pips and is currently trading around 112.25.
     
  • The pair has broken major support 112.30 and is consolidating near 112 levels for the past two trading days.
     
  • On the lower side, near term support stands at 112 and any break below will drag the pair down till 111.10/110.16 (50% fibo).
     
  • The minor bullishness can be seen only above 113.35 (10-day MA) and any break above will take the pair till 114.25 (20- day MA)/114.85. Any break above 114.85 confirms further bullish continuation.

It is good to sell on rallies around 112.45-50 with SL around 113.35 for the TP of 111.10/110.20.

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