Ichimoku analysis (4-Hour chart)
Tenken-Sen- 120.07
Kijun-Sen- 120.37
CHF/JPY is trading weak after a minor pullback till 120.98. The board-based weakness in the Swiss franc is putting pressure on this pair at higher levels. USDCHF is holding above 0.92000 level. Any breach above 0.9240 confirms further bullishness. USDJPY is holding well above 110 levels, minor weakness only below 110.40.
Intraday analysis-
Trend – Bearish
The pair is trading well below 4-hour Tenken-Sen, Kijun-Sen, and cloud. The near-term resistance is around 120.35. Any violation above targets 121/122. The immediate support is around 119.45. Any decline below that level will take the pair to 119/118.80/118.50.
Indicator (4-Hour chart)
CAM indicator –Bearish
Directional movement index – Bearish
It is good to sell on rallies around 120 with SL around 121 for a TP of 118.
