- Major Support – 112.50.
- CHF/JPY is trading weak for the past four week after forming a temporary top around118.55. It has declined more than 600 pips and is currently trading around 112.75. The pair recovered almost 50 pips in the European session after hitting low of 112.30.
- The pair has broken major support 112.50 and is consolidating around this level for the past three trading days.
- On the lower side, near term support stands at 112.30 and any break below will drag the pair down till 112/111.40./111.
- The minor bullishness can be seen only above 113.25 and any break above will take the pair till 113.92 (10- day MA)/114.40. Any break above 114.85 confirms further bullish continuation.
It is good to sell on rallies around 112.85-90 with SL around 113.25 for the TP of 111.40/111.07.