Ichimoku analysis (Daily chart)
Tenken-Sen- 117.10
Kijun-Sen- 117.07
CHF/JPY has shown a minor decline of more than 50 pips from a high of 118 on broad-based Swiss franc weakness. USDCHF is on the verge of a break out; any jump above 0.8925 confirms a bullish continuation. The decline in the yen is supporting the pair at a lower level. USDJPY holding above 140 level on fading safe-haven demand. The intraday trend of CHFJPY remains bullish as long as support 117 holds.
Technical:
The pair's strong resistance is at 118 violation above will take to the next level 118.60/119/120. On the lower side, near term support is around 117, and any indicative break below targets 116.60/116/115.84.
Indicator (4-hour chart)
CAM indicator –Neutral
Directional movement index – Neutral
It is good to buy on dips around 117 with SL around 116.40 for the TP of 118.
