EUR/USD reversed from support zone Next buy target - 1…
CHF/JPY broke support area
- CHF/JPY broke support area
- Next sell target -113.60
CHF/JPY recently broke through the combined support area lying between the support level 114.50 and the support trendline of the wide daily up channel from the middle of September. The breakout of this support area accelerated the active minor ABC correction (ii) from the start of February. CHF/JPY is expected to fall further toward the next sell target at next support level 113.60 (monthly low from January and the target price for the termination of the active correction (ii)).
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.