FxWirePro: CHF/JPY Trade Idea

• Swiss Franc was trading slightly higher against all majors as increased demand for safe haven demand asset. US trade war with other major economies is supporting price of CHF.USD/CHF has shown a minor correction of more than 50 pips after a jump till 0.99923 yesterday.
   
• CHFJPY breaks minor trend line resistance at 111.25 and hits intraday high of 111.45. Intraday trend is bullish as long as support 110.80 (200- H MA) holds. Any hourly close below 110.80 will drag the pair down till 110.30/110.15.
   
• The near term resistance is around 111.50 and any violation above targets 112/112.20.
  
  It is good to buy on dips around 110.95-111 with SL around 110.70 for the TP of 112/112.20

 

Resistance

R1- 111.50
 

R2 –112
 

R3- 112.20

Support               
 

S1- 110.80
 

S2-110.30
 

S3-110