Major support- 109.40
CHFJPY is trading lower after forming a minor top around 110.39 and shown a decline of nearly 100 pips on slight weakness in Swiss franc. USDCHF has formed a bottom around 0.9840 and shown a nice jump of more than 60 pips. It hits an intraday high of 0.99098 and is currently trading around 0.99076.
The pair formed a minor bottom around 106.85 on Oct 4th and jumped more than 350 pips in the past 3-weeks. On the lower side, near term support 109.40 and any break below will drag the pair to the next level till 109/108.13. Major bearish continuation only below 106.85.
The near-term resistance is around 110 and any break targets 110.80/111.36/112.
It is good to buy on dips around 109.50-55 with SL around 109.30 for the TP of 110.35.
