Major Intraday resistance - 125.65
Intraday support- 124
CHFJPY took support near the trend line and showed a minor pullback. The pair was one of the worst performers this month and lost nearly 200 pips on the weak Swiss franc. The Japanese yen is gaining momentum despite strong US treasury yields against the USD. Any breach below 113.45 confirms bearish continuation. CHFJPY hits an intraday high of 124.95 and is currently trading around 124.90.
CCI and Woodies CCI analysis-
Both CCI (50) and Woodies CCI are trading below zero lines in the 4-hour chart. It confirms minor weakness.
Technically, near-term support is around 124.50 and any indicative break below will drag the pair down till124/124/123.40/123. The immediate resistance is at 125.65, any convincing break targets 126/127.10.
It is good to buy on dips around 124.50-55 with SL around 123.80 for the TP of 127.
