Major Intraday resistance -118.80
Intraday support- 118
CHFJPY recovered more than 70 pips from minor bottom 118.04 on board-based Swiss franc strength. The global stock markets crash due to the Chinese Evergrande debt crisis has increased demand for Safe-haven assets like the Swiss franc. It hits an intraday high of 118.80 and is currently trading around 118.70.
CCI and Woodies CCI analysis-
Both CCI (50) and Woodies CCI is above zero lines (bullish trend)
In Woodies CCI six consecutive bars above zero confirms intraday bullishness.
Technically, near-term support is around 118.50 and any indicative break below will drag the pair down till 118/117.54/117.
The immediate resistance is at 118.80, any convincing break targets 119.60/120.
It is good to buy on dips around 118.60 with SL around 118.25 for the TP of 119.60.
