Ichimoku analysis (4-hour chart)
Tenken-Sen- 116.508
Kijun-Sen- 116.97
CHF/JPY continues to trade weak for the past four days and lost more than 150 pips. The decline came despite weak yen due to surging US bond yield. The Swiss franc is trading weak against the USD and hits the highest level since Nov 2020. The intraday trend of CHFJPY remains bearish as long as resistance 116.60 holds.
Technical:
The pair's strong resistance is at 116.60, violation above will take to the next level 117/ 117.20/117.82/118. On the lower side, near-term support is around 116.15, and any indicative break below targets 115.35/115.
Indicator (4-hour chart)
CAM indicator – Bearish
Directional movement index – bearish
It is good to sell on rallies around 116.60-65 with SL around 117 for TP of 115.35.
