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CHFJPY: Triple top and 300 day EMA

Major resistance - 110

 

CHFJPY has once again declined after showing a jump till 109.85. The pair formed a triple top around 109.95 and started to decline. 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 trading higher for the day and recovered more than 60 pips on the broad-based US dollar buying.

 

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 109.10 (50 day MA) and any violation below targets 108.50/108.21. Any break below 107.50 confirms bearish continuation.

It is good to sell on rallies around 109.55-60 with SL around 110 for the TP of 108.25.

 

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