FxWirePro- CHFJPY Top pick of the day (European session)

Intraday trend – Bearish

Major intraday resistance – 123.50

The pair consolidated in a narrow range between 123.50 and 123 for the past two days. The board-based weakness in the Swiss franc on decreasing demand for safe-haven assets is putting pressure on this pair at higher levels.  USDCHF is holding above 0.9300. Significant bullish trend continuation if it breaks 0.9380 level.

The near-term resistance is around 123.50, any breach above 123.50 confirms further bullishness.  A jump till 124/124.49 is possible.             

The minor support to be watched is 123, the violation below will drag the pair down till 122.45/121.78 (161.8% fib).

Indicators (15 Min)

Directional movement index – Bearish

CCI (50)- Bearish

It is good to sell on rallies around 123.12-15 with SL around 123.51 for TP of 122.