Ichimoku analysis (1 Hour chart)
Tenken-Sen- 122
Kijun-Sen- 122.08
CHF/JPY is trading in a narrow range between 122.52 and 121.46 for the past 3 weeks. The minor weakness in Swiss-franc is putting pressure on this pair at higher levels. USDCHF has formed a double bottom around 0.8920 and shown a minor pullback. It is struggling to close above 0.9000 levels, any jump above 0.9055 confirms further bullishness. 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 4-hour Tenken-Sen, Kijun-Sen, and cloud. On the lower side, near-term support is around 121.80. 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)
CAM indicator –Slightly bullish
Directional movement index – Bearish
It is good to buy on dip around 121.65-70 with SL around 121 for a TP of 123.
