CHFJPY Trade Idea

As per our analysis CHFJPY is trading higher for 3rd consecutive day and jumped nearly 90 pips from low of 110.36.The pair has formed temporary top around 111.95 and shown a 150 pips decline. The yen was trading slightly weaker after a strong gain for past two days on account of good recovery in stock markets. The pair hits intraday high of 111.295 and is currently trading around 111.07.

On the higher side near term resistance 111.27 (89- day EMA) and any violation above will take the pair to next level till 111.95/112.20.

The near term support is at 110.80 and any break below that level will 110.35/110.

It is good to buy on dips around 111 with SL around 110.60 for the TP of 111.95/112.20.

Resistance

 R1- 111.30

R2 -111.95

R3- 112.20

Support               

S1- 110.80

S2- 110.35

S3- 110