Major Support – 111.50. CHF/JPY has shown a good recovery from the low of 111.51 made yesterday and jumped till 112.36 almost 85 pips. It has declined almost 700 pips from temporary top of 118.55 and is currently trading…
CHF/JPY has shown a good recovery from the low of 111.51 made yesterday and jumped till 112.36 almost 85 pips. It has declined almost 700 pips from temporary top of 118.55 and is currently trading around 112.38.
The pair has broken major intraday trend line resistance 112.15 and jumped t ill 112.38 at the time of writing. It is trading well above 112 (hourly Tenkan-Sen)/111.99 (Kijun-Sen).
On the lower side, near term support stands at 111.50 (161.8% fibo) and any break below will drag the pair down till 111.10/110.16 (50% fibo).
The minor bullishness can be seen only above 112.50 (support turned into resistance) and any break above will take the pair till 112.90 (220- H MA)/113.45. Any break above 113.50 confirms further bullish continuation.
It is good to buy on dips around 112.20-25 with SL around 111.98 for the TP of 112.90/113.45
