Major Intraday resistance - 125
Intraday support- 124.40
CHFJPY is trading higher for a sixth consecutive week and surged more than 700 pips on a strong Swiss franc. The Swiss franc was one of the best performers against the US dollar due to the increase in demand for safe-haven assets. The minor weakness in the Japanese yen on surging US Treasury yields also supports the pair at lower levels. CHFJPY hits an intraday high of 124.83 and is currently trading around 124.77.
CCI and Woodies CCI analysis-
Both CCI (50) and Woodies CCI are trading above zero lines in the 4-hour chart (but below 100 levels) In Woodies CCI also showing a weak bullish trend.
Technically, near-term support is around 124.40 and any indicative break below will drag the pair down till 124/123.50/122.
The immediate resistance is at 125, any convincing break targets 125.60/126.
It is good to buy on dips around 124 with SL around 123.40 for the TP of 126.
