Major Intraday resistance- 109.62 (55- H EMA)
CHFJPY was trading lower for past 2 weeks and lost more than 250 pips. SNB Chairman Jordan said that negative rates are appropriate and necessary .Further rate hikes depends on inflation and economic developments. Swiss franc is in oversold zone against USD and minor recovery is possible.
It hits intraday high of 109.616 and is currently trading around 109.57.
The near term major resistance is around 109.62 (55-H EMA) and any break above will take the pair to next level till 110/110.40/111. The pair should break above 112 for further bullishness.
On the lower side, near term support is around 109.30 and any violation below will drag the pair to next level till 109/108.60.
It is good to buy on dips around 109.40 with SL around 109 for the TP of 110.38.
