CHFJPY is trading higher for past four trading days and jumped more than 150 pips from low of 107.92 level.The previous low was 107.61 and almost like double bottom. Swiss franc is trading higher against USD and USDCHF has lost more than 400 pips from its high of 1.02369 due to increase in safe haven demand.It hits intraday high of 109.446 and is currently trading around 109.19.
The near term resistance is around 109.55-63 (55- H EMA) and any break above will take the pair to next level till 110/110.35.
On the lower side, near term support is around 108.80 (38.2% fib) and any violation below will drag the pair to next level till 108.50/108/107.60. Any major weakness only below 107.60.
It is good to buy on dips around 109 with SL around 108.50 for the TP of 110.35.
