FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch(EURGBP and CHFJPY) for the day
FxWirePro: CHFJPY Daily outlook
Major Intraday resistance - 125.65
Intraday support- 124
As per our analysis, CHFJPY has taken support near the trend line and shown a pullback above 125. The pair is consolidating in a narrow range between 125.67 and 124.62 for the past four days. The Japanese yen lost more than 50 pips against the USD as US treasury yields rise. Any breach above 115 confirms bullish continuation. CHFJPY hits an intraday high of 125.16 and is currently trading around 125.04.
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 125 with SL around 124.50 for the TP of 127.