FxWirePro: CHFJPY Daily Outlook
Ichimoku analysis (Hourly chart)
Tenken-Sen- 116.405
Kijun-Sen- 116.404
CHF/JPY has halted its two days losing streak and shown a minor recovery. The broad-based weakness in the Swiss franc is putting pressure on this pair. The Swiss National bank has kept its rates unchanged at -0.75% as expected. The central bank said it is ready to intervene in forex markets. USDCHF has broken significant resistance 0.9375 after a long consolidation. USDJPY jumped above 109 after upbeat U.S data. The intraday trend of CHFJPY remains bearish as long as resistance 117.20 holds.
Technical:
The pair's strong support is at 115.60, any break below confirms minor weakness, and a dip till 115/114.60 likely. On the higher side, near-term resistance is around 116.65., and any indicative break above targets 117.20/117.60/117.90.
Indicator (Hourly chart)
CAM indicator – Neutral
Directional movement index – Neutral
It is good to sell on rallies around 116.60-65 with SL around 117.05 for a TP of 115.
