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Ichimoku Analysis (4 Hour chart)
Tenken-Sen- 110.93
Kijun-Sen- 110.59
CHFJPY has taken support near 200-4H MA and shown a nice jump of more than 60 pips. The recovery was mainly due to a surge in Swiss franc against all majors. USDCHF broken significant support 0.96650 and a dip till 0.9590 likely. It is currently trading around 0.96460.
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 110.69 (200- 4H MA) and breaks below will drag the pair down till 110.14/109.90/109.50.
It is good to buy above 111.50 with SL around 111 for the TP of 112.50.
