Ichimoku analysis (4 Hour chart)
Tenken-Sen- 121.82
Kijun-Sen- 121.92
CHF/JPY continues to trade lower and lost nearly 100 pips due to the board–based Yen buying. USDJPY is struggling to hold above 110 level. Any breach below 109.18 confirms further weakness. The Swiss franc was one of the best performers in the past 10 weeks and surged more than 5.5%.USDCHF is facing strong resistance at 0.90520. Any close above that level confirms a bullish continuation. The intraday trend of CHFJPY is bearish as long as resistance 122.50 holds.
Intraday analysis-
Trend – Bearish
The pair is holding below 4-hour Tenken-Sen, Kijun-Sen, and cloud. On the lower side, near-term support is around 121.50. Any violation below will drag the pair down to 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)
RSI –Bearish
Directional movement index – Bearish
It is good to sell on rallies around 121.80-82 with SL around 122.15 for a TP of 121.
