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FxWirePro: Buy CHFJPY on dips

Major resistance - 109.80 (triple top)

 

CHJPY is consolidating in a narrow range between 107.61 and 109.78 for the past 7-week. It hits low of 108.21 on Jun 18th 2019 and shown a nice recovery of nearly 140 pips on strong CHF on account of ongoing global uncertainty. The escalation of tension between the US and Iran is increasing demand for Safe-haven assets such as gold, yen and Swiss franc. The pair hits an intraday high of 109.514 and is currently trading around 109.498.

 

On the flip side, near term support is around 109.25 and any violation below will the drag the pair till 108.75/108.20. Any major weakness only below 107.60.

 

The near term strong resistance is around 109.80 and any break above confirm minor bullishness, a jump till 110.45/111 is possible.

 

It is good to buy on dips around 109.25-30 with SL around 108.60 for the TP of 110.45.

 

Additional Levels

 

108.90 (200-H MA)

 

111.30 (300- day EMA)

 

111.50 (200- day MA)

 

 

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