CHFJPY: Developing multiple bearish technical layers

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On the H4 chart, the cross has spotted with a bearish H&S pattern and the price gave a clear neckline breakdown.

On the daily and weekly charts, spotted with a double top at 118.60

Sell on the rise favors the trade with sl 119.20 Dec 2013 high.

Base supprot finds at 112.50. A clear breakdown needed to confirm the distribution pattern.

Trade stängt: målet nått:

The daily RSI lies at 29 nearly oversold but the oscillator remains bearish.
Near term support zone 112.50-111.80.

Kommentera:

Finally closed below the support 112.50