Major resistance - 111.95
Chart pattern formed- triple top
CHFJPY has formed a triple top around 111.95-96 level and once shown again declined from that level. The main reason for weakness is decline in Swiss franc on easing geo political tension. USD trades higher against Swiss franc and holds above parity level.Any break above 1.0050 will take the pair till 1.010.
On the lower side, near term support is at 111.40 and any violation below will take the CHFJPY to next level till 111/110.60.
The near term resistance is around 111.95 and any break through above that level will take the pair till 112.15 (300-day EMA)/112.32 (200- day MA). The downside from 118.06 will get completed at 106.20 only when it breaks above 112.35 level.
It is good to sell on rallies around 111.55-60 with SL around 111.95 for the TP of 110.65.
