Following our previous analysis, CHF/JPY continued to move lower after rejecting R4
(131.30) and R2 (129.32). No signals of reversal
to the upside of any kind should result in acceleration of the trend and a fast
decline towards S1 (126.10) support area.
If you hold any short positions, consider holding them and
potentially scaling up while rate is near R1 (128.09). A target is S1 support
that is 0% Fibonacci applied to a breakout of the ascending channel. Hard stop
loss should be placed just above yesterday’s high of 128.62.
The material has been provided by InstaForex Company – www.instaforex.com