Major Intraday resistance - 140
Intraday support- 139
CHFJPY trades higher for the third consecutive day and jumped more than 250 pips on a weak yen. It has pared most of its gains made the previous week after hawkish comments from Fed speakers have increased the chance of aggressive rate hikes by the fed. The minor weakness in the Swiss franc against the US dollar on the board-based US dollar buying supports the pair at lower levels. Technically, in the 4-hour chart the pair trades above short-term ( 21 EMA), below 55- EMA, and the long-term 200- EMA (140.03). CHFJPY hits an intraday high of 139.91 and is currently trading around 139.85.
CCI and Directional movement index analysis-
CCI (50) - Bearish
ADX - Neutral
Technically, near-term support is around 139.30, and any indicative break below will drag the pair down to 138.60/138. The immediate resistance is at 140.05, and any convincing violation above targets 140.80/142/143.20.
It is good to buy on dips above 140 with SL around 139.30 for TP of 143.
