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FxWirePro: CHF/JPY Daily Outlook

  • CHF/JPY has declined slightly after showing a jump above 200- day MA. The pair jumped till 113.26 and declined slightly from that level. It has recovered more than 150 pips from the low of 111.85 (Jul 13th 2018).The pair hits intraday high of 113.01 and is trading around 112.90.
     
  • The slight decline in the pair was due to positive comment from Fed Chairman Powell has dragged Swiss franc against USD. But ongoing geo political tensions between US and other economies is supporting prices of Swiss franc. Any daily close above 113 (200-day MA) confirms major trend reversal and a jump till 113.67/114.89 is possible.
     
  • On the lower side , near term support is around 112.50 and any violation below targets 112/111.36 (20- day MA). Major trend reversal can happen only below 110.

    It is good to buy on dips around 112.85-90 with SL around 112.48 for the TP 114/114.85.  

 

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