Ichimoku Analysis (8 Hour chart)
Tenken-Sen- 111.74
Kijun-Sen- 111.48
CHFJPY is trading higher for 7th consecutive days and jumped more than 200 pips on strong Swiss Franc. USDCHF has broken yesterday's low of 0.95787 and this confirms further weakness, decline till 0.9500 likely. The renewed US-China trade tension has increased demand for Safe-haven assets like Swiss Franc.
The pair breaks resistance at 112.52 (Apr 9th, 2020 high) and close above that level targets 113.55/114 likely. The immediate support stands at 112 and breaks below will drag the pair down till 111.67 (21-4H MA)/111.30 (55-4H EMA)/110.59 (200-4H MA).
It is good to buy on dips around 112.15.20 with SL around 111.75 for the TP of 113.60/114.
