Ichimoku analysis (4-hourly chart)
Tenken-Sen- 116.44
Kijun-Sen- 116.61
CHFJPY took support near 200- 4H EMA and shown a minor recovery of more than 80 pips. USDCHF is consolidating in a narrow range between 0.88675 and 0.89176 for the past five trading days. The intraday trend of CHFJPY remains bullish as long as support 116 holds.
Technical:
The pair's strong resistance is at 116.85(100- 4H MA), violation above will take to the next level 117.05/117.50/117.80. On the lower side, near term support is around 116.60, and any indicative break below targets 116.05/115.73/115.38.
Indicator (4-hour chart)
CAM indicator –Bullish
Directional movement index –Bullish
It is good to buy on dips around 116..45-50 with SL around 116 for the TP of 117.60.
