FxWirePro- CHFJPY analysis using Woodies CCI
Major Intraday resistance - 119.85
Intraday support- 119
CHFJPY continues to trade higher for the fourth consecutive day and hits two weeks highs on weak yen. The risk-on-mood in global markets has decreased demand for safe-haven assets like yen, gold. The minor weakness in the Swiss franc against the US dollar is putting pressure on the pair at higher levels. It hits an intraday low of 119.98 and is currently trading around 119.976.
CCI and Woodies CCI analysis-
Both CCI (50) and Woodies CCI is trading above zero lines in the 1-hour chart (bullish trend). It has formed a zero line reject pattern which confirms further bullishness.
In Woodies CCI bullish trend is not yet confirmed.
Technically, near-term support is around 119.50 and any indicative break below will drag the pair down till 19.20/119/118.30/118.
The immediate resistance is at 120.20, any convincing break targets 120.60/121.
It is good to buy on dips around 119.70-75 with SL around 119.20 for the TP of 121.