Ichimoku analysis (1 Hour chart)
Tenken-Sen- 117.14
Kijun-Sen- 117.30
CHF/JPY's upside capped at 21- H MA and started to decline on the weak Swiss franc. The Swiss franc is trading extremely weak against the US dollar on a surge in US bond yields. USDCHF has broken 0.9645 (61.8% fib) and it confirms minor bullishness. A jump to 0.9500 is possible. The bearish momentum is continuing in yen and holding well above 110 level. The US 10-yield lost nearly 2% from yesterday's high 1.753% on profit booking. The intraday trend of CHFJPY remains weak as long as resistance 117.25 holds.
Technical:
The pair's strong support is at 116.90, any break below confirms minor weakness, and a dip till 116.40/115.90-116/115.23 likely. On the higher side, near-term resistance is around 117.25, and any indicative break above targets 117.60/117.90/118.25.
Indicator (1-Hour chart)
CAM indicator – Bearish
Directional movement index – Bearish
It is good to sell on rallies around 117 with SL around 117.40 for a TP of 115.90.
