FxWirePro: CHFJPY Daily outlook
Major Intraday resistance - 123.35
Intraday support- 122.70
CHFJPY continues to trade higher and hits fresh year high on the strong Swiss franc. The Swiss franc is one of the best performers this week and gained more than 300 pips against the US dollar on Safe-haven demand and weak US dollar. USDJPY has shown minor profit booking after hitting a multi-year high. The bullish US treasury yield is putting pressure on the yen. CHFJPY hits an intraday high of 123.29 and is currently trading around 122.31
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 122.60 and any indicative break below will drag the pair down till 122/121.30/120.80.
The immediate resistance is at 123.35, any convincing break targets 123.75/124/125.
It is good to buy on dips around 123 with SL around 122.30 for the TP of 124.40/125.
