Major Intraday resistance - 132.60
Intraday support- 130
CHFJPY continues to trade weak for a third consecutive week and lost more than 500 pips. The weakness in the Swiss franc across all majors especially the US dollar due to board-based US dollar buying. The policy divergence between US Fed and SNB puts pressure on the Swiss franc. CHFJPY hits an intraday low of 131.02 and is currently trading around 131.03.
CCI and Directional movement index analysis-
Both CCI (50) and ADX show a downtrend in the 4-hour chart. It confirms bearish trend continuation.
Technically, near-term support is around 130 and any indicative break below will drag the pair down to 128.70/126.84/126. The immediate resistance is at 132.20, and any convincing break targets 133.15/134.
It is good to sell on rallies around 131.50-55 with SL around 133 for the TP of 126.
