FxWirePro- CHFJPY analysis using Woodies CCI

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.