FxWirePro: Sell CHFJPY on rallies

 Ichimoku Analysis (4 Hour chart)

Tenken-Sen- 110.55

Kijun-Sen- 110.45

As per our analysis, CHFJPY recovered and hits high of 111.29 at the time of writing. The pair declined suddenly from that level to 109.89.  The pair is highly volatile and trend continuation only above 111.52.  USDCHF is trading in a narrow range, any violation below 0.96650 confirms bearish continuation. It is currently trading around 0.97249.

The pair is facing strong resistance at 111.52 and hourly close above that level targets 112.50/114. The decline from 113.99 will end at 108.67 only if it breaks 112.50. The immediate support stands at 109.90 (200-H MA) and breaks below ill drag the pair down till 109.50/109.30/108.70.

It is good to sell on rallies around 111.10-15 with SL around 111.50 for the TP of 109.60.