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FxWirePro: CHFJPY Daily Outlook
Ichimoku analysis (Daily chart)
CHF/JPY continues to trade higher for a second consecutive week and surged more than 200 pips. The broad-based buying in the Swiss franc is supporting the price. USDCHF has broken significant support 0.9836 (200- day MA). This confirms bearish trend continuation; a dip till 0.9000 is possible. USDJPY paired some of the gains on hopes of a rate hike by the Fed. The minor sell-off in bond yields is also supporting the Japanese yen. CHJPY is holding well above trend line resistance at 119.16 (trend line joining 117.88 and 118.869). The intraday trend of CHFJPY is bullish as long as support 119 holds.
Trend – bullish
The pair is holding above the previous high of 120.12. Any violation above 120.25 will take the pair to next level to 120.88/121.25/122. On the lower side, near-term support is around 119. Any violation below will drag the pair down to 118.60/117.95/116 likely.
Indicator (Daily chart)
CAM indicator – Bullish
Directional movement index – Bullish
It is good to buy on dips around 120 with SL around 119 for a TP of 122.