FxWirePro: CHFJPY Daily Outlook
Ichimoku analysis (4 Hour chart)
CHF/JPY continues to trade lower for third consecutive days and lost more than 250 pips on Swiss franc weakness. The Swiss franc has halted its bullish trend and trading weak against the USD for the past week. USDCHF recovered more than 250 pips from a low of 0.89303. The minor strength in the yen is further dragging CHFJPY down. USDJPY is holding above 110 levels after BOJ has extended its pandemic –relief program by another six months.
Trend – Bearish
The pair is holding well below 200- day EMA for the second consecutive day. This confirms bearish continuation, a dip till 117.75 is possible. The immediate resistance is only 121.25. Any violation above that level will take the pair to next level to 121.60/122/122.77.
Indicator (4-hour chart)
CAM indicator –bearish
Directional movement index – Bearish
It is good to sell on rallies around 121 with SL around 121.50 for a TP of 118.