Ichimoku analysis (4 Hour chart)
Tenken-Sen- 122
Kijun-Sen- 121.96
CHF/JPY is consolidating in a narrow range between 122.52 and 121.59 for the past three days. The pair awaits break out and bullish trend continuation only if it breaks above 122.55. The Swiss franc was one of the best performers in the past eight weeks against the USD. USDCHF should break above 0.9030 for minor trend reversal. The slight weakness in the yen is also supporting the pair at lower levels. USDJPY is trading near day's high, 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 4-Hourly Tenken-Sen, Kijun-Sen. On the lower side, near-term support is around 121.74 Any violation below will drag the pair down to 121.50/121/120.50/120 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 (4-hour chart)
CAM indicator –Bearish
Directional movement index – Bearish
It is good to sell on rallies around 122 with SL around 122.50 for a TP of 120.
