Major resistance - 109.70-75
CHFJPY has formed almost a double top around 109.70-75 and shown a 100 pips decline. The decline was mainly due to slight weakness in Swiss franc. SNB has kept its rate unchanged at -0.75% and said that rates will low in the coming months. The bank will intervene in the currency market if Swiss franc gains. USDCHF is trading slightly higher and hits one -week high at 0.99671. CHFJPY hits intraday low of 108.609 and is currently trading around 108.70.
On the flip side, near term support is around 108.60 and any violation below will drag the pair to next level till 108/107.60. Any major weakness only below 107.60.
The near term resistance 109.30 high made on Jun 13th and any break above yesterday’s high will take the pair till 109.70-75.Minor trend reversal above 109.75 and jump above targets 110/110.35.
It is good to sell on rallies around 108.75-80 with SL around 109.30 for the TP of 107.6
