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CHFJPY approaching support, watch for potential breakout!

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Franco svizzero / Yen giapponese (FX:CHFJPY)  
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FX:CHFJPY   Franco svizzero / Yen giapponese
Trend Analysis Chart Patterns Harmonic Patterns CHFJPY chf jpy chfjpylong chfjpyshort Forex forextrading forexsignals
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trendanalysis chartpattern harmonicpatterns chfjpy chf jpy chfjpylong chfjpyshort forex forextrading forexsignals
CHFJPY broke out of our short term ascending support-turned-resistance line and is approaching our first support at 111.21 (horizontal overlap support, 23.6% Fibonacci retracement). A breakout below this level might trigger a strong reaction and push price down to our major support at 110.76 (horizontal swing low support, 38.2% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
RSI (89) is also seeing a bearish exit in line with our bearish bias.
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This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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