CHFJPY - Major resistance

CHFJPY (1H) - short term bullish bias

After two consecutive tests of the 109.60 resistance, the Swiss franc finally made a bullish breakout. The faster moving average is diverging from the slower one suggesting acceleration in the upward momentum. Now the question is whether buyers have enough conviction to rally above the key level of 109.80. The doji and the RSI indicator right under the over-bought threshold are signs that the price might come to a pullback. The area between the averages and 109.45 needs to hold to maintain the bullish bias.

Key support: 109.45
Key resistance: 110.00