Ichimoku analysis (1 Hour chart)
Tenken-Sen- 121.92
Kijun-Sen- 122.06
CHF/JPY has halted its 5 weeks of a winning streak and lost more than 70 pips from a multi-year high of 122.52. The slight weakness in the Swiss franc is putting pressure on this pair at higher levels. USDCHF is struggling to close above 0.9000 levels, any breach above 0.9045 confirms bullish continuation. USDJPY is holding below 200-WMA, any breach above 110.20 targets 111. The intraday trend of CHFJPY is bullish as long as support 121.45 holds.
Intraday analysis-
Trend – neutral
The pair is holding below Hourly Tenken-Sen, above Kijun-Sen, and cloud. On the lower side, near-term support is around 121.45 Any violation below will drag the pair down to 121/120.50/120/119.25/118.60/117.95/116 likely. The immediate resistance is only 122.55. Any violation above that level will take the pair to next level to 123/123.93/124.45.
Indicator (1-hour chart)
CAM indicator –Bearish
Directional movement index – Bullish
It is good to sell below 121.70 with SL around 122.25 for a TP of 120.
