Major Intraday resistance - 142
Intraday support- 141
CHFJPY trades higher for the third consecutive day and jumped more than 150 pips on a weak yen. It hits the lowest level since Sep 1998 against the USD on policy divergence between USS Fed and BOJ. The minor pullback in the Swiss franc against the US dollar on the board-based US dollar also puts pressure on this pair. Technically, in the 4-hour chart the pair trades above short-term ( 21 and 55 EMA) and the long-term 200- EMA (138.55). CHFJPY hits an intraday high of 141.67 and is currently trading around 141.546.
CCI and Directional movement index analysis-
CCI (50) - Bullish
ADX - Bullish
Technically, near-term support is around 141 and any indicative break below will drag the pair down to 140/139.35/138.70/138. The immediate resistance is at 142, and any convincing violation above targets 143.20/144.
It is good to buy on dips around 141 with SL around 140 for TP of 144.
