Major Intraday resistance -119.20
Intraday support- 118.30
As per our analysis, CHFJPY continues to trade higher for fourth consecutive days on board-based Japanese yen selling. The Swiss franc gained slightly after the Swiss National Bank policy meeting. It has kept its rates unchanged at -0.75% and reiterated its willingness to intervene in the forex markets if necessary. It hits an intraday high of 119.615 and is currently trading around 119.497.
CCI and Woodies CCI analysis-
Both CCI (50) and Woodies CCI is above zero lines in 8 hours (bullish trend)
In Woodies CCI six consecutive bars above zero line confirms trend continuation.
Technically, near-term support is around 119.17 and any indicative break below will drag the pair down till 118.80/ 118.30/118/117.54/117.
The immediate resistance is at 119.60, any convincing break targets 120/121.
It is good to buy on dips around 119.35-40 with SL around 119 for the TP of 121.
