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FxWirePro- CHFJPY Top pick of the day

Chart pattern -Triple bottom-

Intraday trend – Bullish

 

Major intraday resistance – 123.55

 

The pair has formed a triple bottom around 122.40 and shown a nice pullback. The weakness in the Japanese yen on improving market sentiment prevents the pair from further downside. USDCHF is consolidating ahead of US Non-farm payroll. Any upbeat data will push the pair higher to 0.92750. The Japanese yen lost nearly 100 pips from a monthly low of 112.53 on a minor jump in US treasury yield. 

 

The near-term resistance is around 123.55, any breach above targets 124.25/125. The minor support to be watched is 122.40; the violation below will drag the pair down to 122/121/120.

 

Indicators (1-hour chart)

 

Directional movement index – Bullish

 

CCI (50)- Bullish 

 

It is good to buy on dips around 123 with SL around 122.40 for TP of 125.

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