Major resistance- 109.66 (Trend line resistance)
CHFJPY has halted its 2- week of weakness and shown a minor jump in past tow trading days.It has declined more than 250 pips from high of 111.97. Swiss franc is gaining against USD after declining more than 3.5% in past one month on easing trade tensions which has decreased demand of safe haven assets.It hits intraday high of 109.75 and is currently trading around 109.709.
The near term major resistance is around 109.66 and any hourly close above confirms minor trend reversal and a jump till 110/110.40/111. The pair should break above 112 for further bullishness.
On the lower side, near term support is around 109.30 and any violation below will drag the pair to next level till 109/108.60.
It is good to buy on dips around 109.50-55 with SL around 109.20 for the TP of 110.38.
