FxWirePro: CHFJPY Daily Outlook

Ichimoku analysis (1 Hour chart)

Tenken-Sen- 117.64

Kijun-Sen- 117.47

CHF/JPY is trading higher after taking support near 200- day MA. The minor bullishness in the Swiss franc is supporting the pair at lower levels. USDCHF has formed a temporary top around 0.94725 and lost more than 100 pips on a slight sell-off in US bond yield. Any weakness only if it breaks 0.9350. The bearish momentum is continuing in yen and the pair took support near 200-H MA at 109.99. The intraday trend of CHFJPY remains slightly bullish as long as support 117.20 holds.

Technical:

The pair's strong support is at 117.20, any break below confirms minor weakness, and a dip till 116.90/116.40/115.90-116/115.23 likely. On the higher side, near-term resistance is around 117.80 (trend line resistance), and any indicative break above targets 118.25/118.80.

Indicator (1-Hour chart)

CAM indicator – Bullish

Directional movement index – Bullish

It is good to buy on dips around 117.45-50 with SL around 117 for a TP of 118.85.