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FxWirePro: CHF/JPY downside capped by 100-H MA, good to buy on dips

Major support - 109.75 (100- H MA)

 

CHFJPY has lost 100 pips from high of 110.50 made on Jun 24th 2019. The pair was in the bullish mode for the past one week from Jun 18th till Jun 24th, 2019. The jump of more than 250 pips from low of 107.61 was mainly due to strength in Swiss franc. The trade war and escalation of the Middle East have increased demand for Safe-haven assets. Markets eye Trump and Xi Jinping meeting this week for further direction. The pair hits an intraday high of 110.28 and is currently trading around 110.13.

 

The near term resistance is around 110.50 high made yesterday and any violation above will take the pair to next level till 111.12 (161.8% fib).

 

On the flip side, near term support is around 109.75 and any break below will take the CHFJPY till 109.50/109.20-109.10 (200- H MA/61.8% fib).

 

It is good to buy on dips around 110-110.10 with SL around 109.50 for the TP of 111.12.

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