FxWirePro: CHFJPY Daily Outlook

Ichimoku analysis (hourly chart)

Tenken-Sen- 118.65

Kijun-Sen- 118.31

CHF/JPY has halted its thirteen-week of the bullish trend. The pair was one of the best performers in the past 3 months has surged more than 500 pips on broad-based selling in yen. The yen was trading weak against all majors on upbeat market sentiment.  The Coronavirus vaccination rollout, declining new COVID-19 cases and hopes of more US stimulus have decreased demand for safe-haven assets. USDJPY is holding well above 105, any violation above 105.78 confirms bullish continuation. The intraday trend of CHFJPY remains bullish as long as support 117.40 holds.

Technical:

The pair's strong resistance is at 119, violation above will take to the next level 120/120.60. On the lower side, near-term support is around 117.30, and any indicative break below targets 116.92/116.60/116.

Indicator (Hourly chart)

CAM indicator – Neutral

Directional movement index – Neutral

It is good to buy on dips around 118 with SL around 117.40 for the TP of 119.60