CHF/JPY Market Outlook for Apr 18, 2016
The descending trend seen during this year is still in effect. The last bounce of the prices ended in a break of the horizontal resistance level posed by the 116 mark. By the ascending movement ended there. Near the 117.20 mark, sellers stood out again and took the quotes back to under the previously broken level. This circumstance triggered a resumption of the descent, which then took the prices into the area of the year’s lows. The subsequent short-term consolidation ended in the quotes exiting out of it to the downside. At the same time, the year’s low has so far not become a restraint for sellers. This way, the general downward trend continues to evolve. At this time, there are no technical grounds for a change in the current situation. Prices are capable of going further down. In case of attempts to bounce to the upside, the resistance will be the zone of 112.20-113. The analysis above does not constitute direct trading instructions, as certain entry formations are used near levels. The analysis is of purely informative nature.