Major support - 108
CHFJPY has taken support near 61.8% fib and shown a jump of 100 pips. The jump came after SNB monetary policy meeting. It has kept its rates unchanged at -0.75% and said that Swiss franc is highly valued and willing to intervene. USDCHF lost more than 80 pips after the policy. CHFJPY hits an intraday high of 109.01 and is currently trading around 108.96.
On the flip side, near term support is around 108.75 (55- day EMA) and any violation below targets 108.15/107.90 (61.8% fib). Any close below 107.90 confirms bearish continuation.
The near term resistance is around 109.15 and convincing break above targets 109.60/110.05.
It is good to buy on dips around 108.45-50 with SL around 107.90 for the TP of 110.05.
