Nice idea on CHFJPY and there may be potential gains as you have identified by going short. Currently price is approaching our 1st support at 113.95. Ichimoku cloud is showing signs of bearish pressure in line with our bearish bias. RSI is also seeing a bearish exit and we might see a corresponding drop in price. If a corresponding drop does occur, we may want to take a closer look at the 112.12 major support level. It is a horizontal pullback support with a long term ascending support line, 61.8% Fibonacci extension and 61.8% Fibonacci retracement. Excited to see how things develop.
Please take a look at our idea and share with us what you think.
@easyMarkets, Thank you for the comment easyMarkets -good to hear from you :) In my opinion Fib levels are not absolute values but relative values subject to correlative Highs and Lows. 112.12 is a major support line and a good place to watch for. On charts34T we now wait to see how it will pan out. Enjoy.