FxWirePro: CHFJPY Daily Outlook

Ichimoku analysis (15 Min chart)

Tenken-Sen- 118.46

Kijun-Sen- 118.50

CHF/JPY has formed almost a double top around 118.85 and declined nearly 50 pips on Swiss franc weakness. The jump in US 10- year bond yield is supporting USDCHF at lower levels. The pair is holding above 0.8900, any indicative violation above 0.8950 will take the pair to 0.9000/0.9040. But slight weakness in the yen is preventing the pair from the further downside. USDJPY is holding well above 105, a jump to 106.40 is possible. The intraday trend of CHFJPY remains bearish as long as resistance 118.85 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 118, and any indicative break below targets 117.75/117.30.

Indicator (15 min chart)

CAM indicator – Bearish

Directional movement index – Bearish

It is good to sell on rallies around 118.45-50 with SL around 119 for the TP of 117.30.