Ichimoku analysis (4 Hour chart)
Tenken-Sen- 117.80
Kijun-Sen- 117.58
As per our analysis, CHF/JPY continues to trade higher for 3rd consecutive days. The pair surged more than 100 pips on the strong Swiss franc. USDCHF has hated its 1-1/2 month of the bullish trend and formed a temporary top around 0.94725. The minor sell-off in the US 10-year bond yield is dragging the US dollar down. The yen recovered sharply against the USD, any break below 109.50 confirms further bearishness. The intraday trend of CHFJPY remains slightly bullish as long as support 117.60 holds.
Technical:
The pair's strong support is at 117.85, any break below confirms minor weakness, and a dip till 117.60/117.20 likely. On the higher side, near-term resistance is around 118.30, and any indicative break above targets 118.85/119.70.
Indicator (4-Hour chart)
CAM indicator – Bullish
Directional movement index – Bullish
It is good to buy on dips around 117.80-85 with SL around 117.20 for a TP of 119/119.70.
