During yesterday’s trading session CHF/JPY traded within the range of 112.50-112.82 and closed at 112.55, losing 0.08% for the day.
At 6:38 GMT today CHF/JPY was losing 0.01% for the day to trade at 112.59. The pair touched a daily low at 112.52 at 00:30 GMT.
Fundamental view
Switzerland’s KOF (Konjunkturforschungsstelle) Leading Indicator probably improved to a reading of 101 in July from 100.4 in the previous month. It includes three different modules – core GDP, which excludes sectors such as banking and construction and represents about 92% of the overall economic output, Banking module and Construction module. The report is scheduled for publication at 7:00 GMT. Higher than expected readings would boost demand for the Swiss franc.
Technical view
According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 112.62. In case CHF/JPY manages to breach the first resistance level at 112.75, it will probably continue up to test 112.94. In case the second key resistance is broken, the pair will probably attempt to advance to 113.07.
If CHF/JPY manages to breach the first key support at 112.43, it will probably continue to slide and test 112.30. With this second key support broken, the movement to the downside will probably continue to 112.11.
In weekly terms, the central pivot point is at 112.62. The three key resistance levels are as follows: R1 – 112.99, R2 – 113.43, R3 – 113.80. The three key support levels are: S1 – 112.18, S2 – 111.81, S3 – 111.37.
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