Major Intraday resistance - 122
Intraday support- 121.35
CHFJPY continues to trade higher for the sixth consecutive day and surged more than 350 pips n weak Japanese yen. The upbeat market sentiment has decreased demand for safe-haven assets like the yen. USDJPY hits three year high and holding above 112.50. The Swiss franc is trading flat against the US dollar. It should cross 0.9320 for further direction. CHFJPY hits an intraday high of 121.939 and is currently trading around 121.80.
CCI and Woodies CCI analysis-
Both CCI (50) and Woodies CCI are trading above zero lines in the 4-hour chart (bullish trend). In Woodies CCI also bullish trend confirmed.
Technically, near-term support is around 121.35 and any indicative break below will drag the pair down till 120.80/120.
The immediate resistance is at 122, any convincing break targets 122.75/123.
It is good to buy on dips around 121.50 with SL around 121 for the TP of 123.
