Ichimoku analysis (1 Hour chart)
Tenken-Sen- 122.19
Kijun-Sen- 122.26
CHF/JPY is trading in a narrow range between 122.52 and 121.46 for the past 10 days. The board-based Swiss franc buying is supporting the pair at lower levels. USDCHF is struggling to close above 0.9000 levels, any dip below 0.8920 confirms further bearishness. USDJPY is trading weak after forming a temporary top around 110.32. Any breach below 109.18 confirms further weakness. The intraday trend of CHFJPY is bullish as long as support 121.45 holds.
Intraday analysis-
Trend – Bullish
The pair is holding below hourly Tenken-Sen, Kijun-Sen, and cloud. On the lower side, near-term support is around 121.90. Any violation below will drag the pair down to 121.45/120.50/120 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 (1-hour chart)
RSI –Bearish
Directional movement index – Bearish
It is good to buy on dip around 121.65-70 with SL around 121 for a TP of 123.
