Major Intraday resistance - 140
Intraday support- 139.25
CHFJPY trades weak for the fifth consecutive day and lost more than 400 pips on the declining Swiss franc. The Swiss franc lost its shine against the US dollar on board-based US dollar buying and recession fears. Technically, a break below 140 confirms that the minor uptrend got completed at 143.75. A dip of 138 is possible. CHFJPY hits an intraday low of 139.27 and is currently trading around 1339.36.
CCI and Directional movement index analysis-
CCI (50) - Bullish
ADX - neutral
Technically, near-term support is around 139.25 and any indicative break below will drag the pair down to 138/135.75. The immediate resistance is at 140, and any convincing break targets 140.85/141.95.
It is good to sell on rallies around 139.95-140 with SL around 142 for TP of 136.
