Ichimoku analysis (4-Hour chart)
Tenken-Sen- 120.30
Kijun-Sen- 120.26
CHF/JPY is trading weak after a minor pullback till 120.68. The board-based selling in the Swiss franc against all majors. USDCHF hits a 10-weeks high at 0.92747 and hovering around that level. Markets eye US Non-Farm payroll for further direction. The weakness in the yen is preventing the pair from further downside. USDJPY is holding well above 111 levels, a jump till 112 is possible.
Intraday analysis-
Trend –
The pair is trading well below 4-hour Tenken-Sen, Kijun-Sen, and cloud. The near-term resistance is around 121. Any violation above targets 122/123. The immediate support is around 120. Any decline below that level will take the pair to 119.60/118.80/118.50.
Indicator (4-Hour chart)
CAM indicator –Bearish
Directional movement index – Bearish
It is good to sell on rallies around 120.70-75 with SL around 121.40 for a TP of 118.
