FxWirePro: CHFJPY recovers on US-China trade tension, good to buy on dips

CHFJPY has formed a minor bottom around 107.61 and shown a more than 100 pips recovery till 108.99. the jump was mainly due to ongoing trade tension between US and China. US imposed tariff on $200 bn Chinese goods from 10% to 25% and to counter this China increased tariff of 5000 US products. This has increased demand of safe haven assets like gold,Swiss franc. It is currently trading around 108.75.

The near term resistance is around 109.07 (100- 4H MA) and any break above will take the pair to next level till 109.78/110.05.

On the lower side, near term support is around 108.50 and any violation below will drag the pair to next level till 108/107.60.

It is good to buy on dips around 108.55-60 with SL around 108 for the TP of 110.05.