CHF/JPY: supply area found

CHF/JPY: supply area found

CHF/JPY is doing a retracement following a sharp drop held from July 25th highs and looks forward to resume the bearish bias. Currently, the pair is consolidating gains between the Fibonacci zone of 50% and 65%, at which we can expect a supply area that helps to push lower to the pair. If the CHF/JPY pair breaks below August 21st lows, then another leg towards the -23.6% Fibonacci zone at 111.26 is likely to happen.

RSI indicator remains in the positive territory, favoring temporarily to the bulls.



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