Chart pattern- Cup and Handle pattern
Ichimoku Analysis (4-hour chart)
Tenken-Sen- 114.34
Kijun-Sen- 113.85
CHFJPY is trading higher for the past 2-1/2 months and jumped more than 600 pips on the strong Swiss franc. USDCHF hits 4 months low on broad-based US dollar selling and any violation below 0.9300 confirms further weakness.
The pair breaks the cup and handle resistance at 114.65 and is currently trading around 114.77.
On the lower side, near-term support is around 114.34 (Tenken-Sen) and any violation below will drag the pair down till 113.79/113.40/113. The next primary resistance to be watched is 115 and break above that level targets 116.17/117.
It is good to sell on rallies around 114.20-25 with SL around 114.85 for the TP of 113.
