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CHFJPY: Buy above 110

Major resistance - 110

 

CHFJPY is trading in a narrow range between 109.37 and 109.92 for the past three trading days. The pair has formed a minor bottom around 109.10 and shown a minor recovery of more than 80 pips. The jump was mainly due to strength in Swiss franc against all majors. USDCHF is declining after a jump to 0.9940 from a low of 0.9690. The middle east tension and global uncertainty have increased demand for Safe-haven assets.

 

Immediate near term resistance is around 110 and any violation above will take the pair to next level till 110.81 high made on Jul 1st, 2019. Any further jump till 111.14/111.31/112.16 can be seen only above this level.

 

On the flips side, the near term major support is around 109.50 (21-- day MA) and any violation below targets 109.10 (50- day MA)

 

It is good to buy above 110 with SL around 109.50 for the TP of 111.25/112.

By Rangarajan Hariharan
  • Market Data
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