Major Intraday resistance - 128
Intraday support- 127.50
CHFJPY continues to trade higher for a second consecutive week and surged more than 300 pips. It is holding well above long-term trend line resistance The weakness in yen across all majors due to surge in US treasury yield is supporting pair at lower levels. CHFJPY hits an intraday high of 128.76 and is currently trading around 128.723.
CCI and Directional movement index analysis-
Both CCI (50) and ADX show an uptrend in the weekly chart. It confirms bullish trend continuation.
Technically, near-term support is around 127.50 and any indicative break below will drag the pair down till 126.59/126. The immediate resistance is at 128, any convincing break targets 129/130.
It is good to buy on dips around 128.40-45 with SL around 127.50 for the TP of 130.
