Ichimoku Analysis (4 Hour chart)
Tenken-Sen- 112.28
Kijun-Sen- 112.76
As per our analysis, CHFJPY continues to trade weak and lost more than 200 pips. The outbreak of coronavirus has increased demand for Safe-haven assets like yen and gold. Chinese health officials said that the death toll has increased to 132, the number of cases rose to 5974. It hits an Intraday low of 111.96 and is currently trading around 111.97.
USDCHF has shown a minor jump till 0.97447, any violation above 0.9765 will take the pair to next level till 0.9845.
Technically, near-term support is around 111.70 and any indicative break below will drag the pair down till 111.24/110.89 (Jan 5th low).
The immediate resistance is at 112.40, the violation above will take the pair till 112.80/113.40/113.75/114.
It is good to sell on rallies around 112.25-30 with SL around 112.80 for the TP of 110.90.
