Ichimoku Analysis (Hourly chart)
Tenken-Sen- 112.25
Kijun-Sen- 112.20
CHFJPY has halted its 12- week of the bullish trend and declined more than 50 pips from 112.55. The pair was in an uptrend and jumped more than 600 pips from a low of 106.85 level. It is currently trading around 112.02.
USDCHF is showing a minor recovery after a 250 pips dip from a temporary top around 1.00086. The overall trend is weak as long as resistance 0.9775 holds.
On the higher side, the pair is facing strong resistance at 112.60 and any break above targets114/115.
The near term support is around 111.80 (200 H MA), any break beneath will drag the pair down till 111.20/110.60.
It is good to sell on rallies around 112.15-20 with SL around 112.60 for the TP of 111.
