Ichimoku Analysis (1 Hour chart)
Tenken-Sen- 120.23
Kijun-Sen- 120.23
CHFJPY has declined after a minor pullback to 120.60. The strength in the yen is putting pressure on the pair at higher levels. USDJPY started to show a minor weakness on safe-haven demand due to coronavirus. The sell-off in US bond yields also supporting the yen.CHFJPY hits an intraday low of 119.93 and is currently trading around 119.96.
USDCHF is consolidating n a narrow range between 0.97250 and 0.91160. Significant bearishness only if it breaks 0.91150.
Technically, near-term support is around 119.60 and any indicative break below will drag the pair down till 119/118.65.
The immediate resistance is at 120.72 (Jul 13th, 2021 high), any convincing break targets 121/122.
It is good to sell on rallies around 120.15-20 with SL around 121 for the TP of 118
Resistance
R1- 120.72
R2- 121
R3-123
Support
S1-119.65
S2-119
S3-118.65
