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FxWirePro: Buy CHFJPY on dips

Major resistance - 110

 

CHFJPY has once again recovered after hitting a low of 109.07 almost a double bottom. The jump was mainly due to broad-based buying in Swiss franc on account of Middle east tension and the US-China trade war. USDCHF is trading weak after a minor jump to 0.99450 level and lost nearly 150 pips from the temporary top. It hits an intraday high of 110.06 and is currently trading around 109.98.

 

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 (200-4H MA) and any violation below targets 109/108.50/108.21. Any break below 107.50 confirms bearish continuation.

 

It is good to buy on dips around 109.55-60 with SL around 109 for the TP of 110.80.

 

 

By Rangarajan Hariharan
  • Market Data
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