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FxWirePro: CHFJPY Daily outlook

Major Intraday resistance - 122

 

Intraday support- 121.35

 

CHFJPY continues to trade higher for the fourth consecutive week and surged more than 450 pips on weak Japanese yen. The upbeat market sentiment has decreased demand for safe-haven assets like the yen. USDJPY hits a multi-year high in a narrow range between 0.92150 and 0.9310for the past ten days. It should cross 0.9370 for further direction. CHFJPY  hits an intraday high of 122.32 and is currently trading around 122.31

 

CCI and Woodies CCI analysis-

 

Both CCI (50) and Woodies CCI are trading above zero lines in the 1-hour chart (bullish trend). In Woodies CCI also bullish trend confirmed.            

 

Technically, near-term support is around 121.80 and any indicative break below will drag the pair down till 121.30/120.80/120.

 The immediate resistance is at 122.35, any convincing break targets 122.75/123/124.

 

 It is good to buy on dips around 122 with SL around 121.35 for the TP of 124

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