CHF/JPY – As I have mentioned several times, as a result of recent increases, the CHF/JPY has reached a critical resistance level of 115.15, where strong supply response occurred last week. Looking at the daily chart we will see that rejection of this resistance could create the right arm of bearish head and shoulders formation.
Looking on the H1 chart, we notice that the market just overcame local support that could open the way to further declines. As a result, both the current technical situation on the daily chart as well as the H1 chart indicate a downside potential. In both short and long term, it is worth to consider PUT option on this instrument.
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GBP/USD – For nearly whole week, the market oscillated in the area of broken in mid-August bullish trend line and local resistance. Permanent rejection of this zone could open the way to declines, for which the potential range would be even level around 1.2600 (June minimum) or further 1.2100. Therefore, it is worth considering PUT option on this instrument.
