FxWirePro: CHFJPY Daily Outlook

Ichimoku analysis (Daily chart)

Tenken-Sen- 117.39

Kijun-Sen- 117.13

CHF/JPY is trading higher and hits a fresh 2- weeks high on the strong Swiss franc. USDCHF was one of the worst performers this week and lost more than 150 pips on broad-based US dollar selling. The dovish FOMC meeting minutes and minor sell-off in US bond yields are putting pressure on the US dollar. The yen declined more than 50 pips against the USD, any break below 108.97 (200-W MA) 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 118, any break below confirms minor weakness, and a dip till 117.60/117.20 likely. On the higher side, near-term resistance is around 118.50, and any indicative break above targets 118.85/119.70.

Indicator (Daily chart)

CAM indicator – Bullish

Directional movement index – Bullish

It is good to buy on dips around 118 with SL around 117.60 for a TP of 119/119.70.