Ichimoku Analysis (1 Hour chart)
Tenken-Sen- 120.23
Kijun-Sen- 120.23
CHFJPY is trading higher for a second consecutive week on board-based Swiss franc buying. USDCHF hits a 4-week low after dovish Fed monetary policy. Any breach below 0.9070 confirms further bearishness. USDJPY lost more than 50 pips after Fed policy.CHFJPY hits an intraday high of 120.957 and is currently trading around 120.905.
Technically, near-term support is around 120.40 and any indicative break below will drag the pair down till 120/119.60.
The immediate resistance is at 121, any convincing break targets 122/123.
It is good to buy on dips around 120.45-50 with SL around 120 for the TP of 122
Resistance
R1- 121
R2- 122
R3-123
Support
S1-119.65
S2-119
S3-118.65
