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Intraday trend – Bullish
Major intraday resistance – 126
The pair has formed a double bottom around 123.50 and shown a nice pullback. The jump was mainly due to board-based Swiss franc buying. The minor strength in yen is preventing the pair from further upside. The yen was one of the worst performers the previous month on the hawkish US-fed monetary policy. CHFJPY hits an intraday high of 124.55 and is currently trading around 124.46.
Technical analysis-
CHFJPY is trading above 21 and 55 4H EMA (124.28 and 124.03) and hovering around 200-4H EMA (124.486).
The near-term resistance is around 124.55, any breach above targets 125/125.70//126.30/127.10. The minor support to be watched is 124.60; the violation below will drag the pair down to 124/123.
Indicators (4-hour chart)
Directional movement index – Neutral
CCI (50) – Bearish
Woodies CCI- Bearish
It is good to buy on dips around 124.25-30 with SL around 123.70 for a TP of 126.
