FxWirePro: CHF/JPY trades above 10- day MA, jump till 110 likely
CHFJPY formed a bottom at 107.84 and jumped from that level. The pair has broken major resistance 10 –day MA at 109.15 and jumped till 109.42 at the time of writing. It is currently trading around 109.19. The pair is the…
CHFJPY formed a bottom at 107.84 and jumped from that level. The pair has broken major resistance 10 –day MA at 109.15 and jumped till 109.42 at the time of writing. It is currently trading around 109.19.
The pair is the oversold territory (RSI –around 20) level and MACD (Bearish divergence. So a minor jump till 110/110.98 likely.
On the lower side, near term support is around 106.99 (61.8% retracement of 101.73 and 115.51) and any break below will drag the pair down till 104.the near term support is around 108.
It is good to buy on dips around 109 with SL around 108 for the TP of 110.95.
