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CHFJPY forms double bottom around 109.45,jump till 110.40 likely

Major support- 109.45

 

CHFJPY was trading lower for past 2 weeks and lost more than 250 pips. The decline was mainly due to weakness in Swiss franc on account of easing trade tensions which has decreased demand for safe have assets.CHF was trading weak against all majors especially USD and USDCHF gained more than 300 pips in past one month. It is currently trading around 109.57.

 

The near term major resistance is around 110 and any break above will take the pair to next level till 110.40/111. The pair should break above 112 for further bullishness.

 

On the lower side, near term support is around 109.45 and any violation below will drag the pair to next level till 109/108.60.

 

It is good to buy on dips around 109.40 with SL around 109 for the TP of 110.38.

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2019-05-27 02:34:53
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