Ichimoku analysis (4 Hour chart)
Tenken-Sen- 114.63
Kijun-Sen- 114.39
CHFJPY recovered sharply after a minor decline to 114.29 level. The Intraday trend is still bullish as long as support 114.70 holds. The surge in Swiss franc against USD on broad-based US dollar selling. USDCHF hits one week low and any break below 0.9050 targets 0.9000. The yen is consolidating against the USD after a minor pullback till 104.76. It is facing strong resistance at 200 4H MA. Any close above will take the pair to 105.674.
Technical:
In the 4 hour chart, CHFJPY is trading well above 200 -4H MA. A jump to 116.10 is possible. On the lower side, near term support is around 114.70, and any indicative break below targets 114.20/113.75.
Indicator (4 Hour chart)
CAM indicator –Slightly bullish
Directional movement index –Bullish
It is good to buy on dips around 114.85-90 with SL around 114.40 for the TP of 116.
