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Ichimoku analysis (4 Hour chart)
Tenken-Sen - 113.15
Kijun-Sen - 113.23
CHFJPY recovered slightly till 113.70 after hitting low of 112.77. But upside is limited due to broad based weakness in Swiss franc. The pair declined sharply after hitting intraday high of 113.46.
The pair’s minor support is around 112.89 and any break below targets 112.55 (trend line support)/112/111.
The near term resistance is around 113.50 (trend line joining 114.22 and 113.70) and any break above targets 113.75/114.13. It should break above 115 for further bullish continuation.
It is good to sell on rallies around 113.15-20 with SL around 113.60 for the TP of 112/111.
