Major support - 112.20 (200- day MA)
CHFJPY is trading high for second consecutive day and pair jumped nearly 90 pips from low of 112.89 made yesterday. The jump was mainly due to broad based buying in Swiss franc. Global stock market selling and declining US bond yield supporting Swiss Franc. The pair hits high of 113.77 and is currently trading around 113.63.
The near term resistance is around 113.88 (trend line resistance) and any break above targets 114.40/114.80 (50% fib).
On the lower side, major support is around 112.85 and any violation below will drag the pair down till 112.23/111.55/111.
It is good to buy on dips around 113.25-30 with SL around 112.80 for the TP of 114.80.
