FxWirePro- CHFJPY Top pick of the day
Chart pattern -Triple bottom-
Intraday trend – Bullish
Major intraday resistance – 123.55
The pair has formed a triple bottom around 122.40 and shown a nice pullback. The weakness in the Japanese yen on improving market sentiment prevents the pair from further downside. USDCHF is consolidating ahead of US Non-farm payroll. Any upbeat data will push the pair higher to 0.92750. The Japanese yen lost nearly 100 pips from a monthly low of 112.53 on a minor jump in US treasury yield.
The near-term resistance is around 123.55, any breach above targets 124.25/125. The minor support to be watched is 122.40; the violation below will drag the pair down to 122/121/120.
Indicators (1-hour chart)
Directional movement index – Bullish
CCI (50)- Bullish
It is good to buy on dips around 123 with SL around 122.40 for TP of 125.