Ichimoku analysis (4-Hour chart)
Tenken-Sen- 118.149
Kijun-Sen- 118.14
CHF/JPY has shown a nice recovery of more than 50 pips from yesterday's low of 117.98. The jump in the Swiss franc is supporting the pair at lower levels. USDCHF hits one month low on broad-based US dollar selling. The slight weakness in yen due to minor pullback in US bond yields is also preventing CHFJPY from further decline. USDJPY is facing strong support at 108 and minor bearish continuation only below that level. The intraday trend of CHFJPY is bullish as long as supports 117.60.
Technical:
The pair's strong support is at 118, any break below confirms minor weakness, and a dip till 117.60/117.20/116.90/116.09 likely. On the higher side, near-term resistance is around 118.85 (Feb 17th high), and any indicative break above targets 119.60/120.40.
Ichimoku Analysis- The pair is trading above 4- hour Kijun-Sen, Tenken-Sen, cloud, and 200-MA.
Indicator (4-Hour chart)
CAM indicator – Slightly Bullish
Directional movement index – Bullish
It is good to buy on dips around 118.25-30 with SL around 117.60 for a TP of 120.
