Ichimoku analysis (Hourly chart)
Tenken-Sen- 118.84
Kijun-Sen- 118.55
CHF/JPY has taken support near 200-H MA and surged more than 80 pips on the strong Swiss franc. The Swiss franc is trading higher against all majors, especially vs US dollar. USDCHF continues to trade weak for a fourth consecutive week and lost more than 300 pips. CHJPY was one of the best performers the previous week and surged more than 200 pips from a low of 117.73. The weakness in the yen also supporting the pair at lower levels. USDJPY is holding above 200-W MA. Any breach above 109.70 confirms intraday bullishness. The intraday trend of CHFJPY is bullish as long as support 119 holds.
Intraday analysis-
Trend – bullish
The pair is holding above hourly Tenken-Sen and Kijun-Sen and 200 MA. The pair should break below 119.25 for further bearishness. A dip till 118.60/117.95/116 likely. On the higher side, near-term resistance is around 120.25. Any break below targets 121/122.
Indicator (Hourly chart)
CAM indicator – Bullish
Directional movement index – Bullish
It is good to buy on dips around 119.65-70 with SL around 119.20 for a TP of 121.
