Ichimoku Analysis (1 Hour chart)
Tenken-Sen- 110.30
Kijun-Sen- 110.12
CHFJPY took support near the trend line and shown a minor recovery from a low of 109.71 level. It has formed a temporary top around 111.41 and declined till 108.65. USDCHF is trading in a narrow range, any violation below 0.96650 confirms bearish continuation. It is currently trading around 0.97214.
The pair is facing strong resistance at 110.52 (trend line resistance) and hourly close above that level confirms bullish continuation. A jump till 111.05/111.50 is possible. The decline from 113.99 will end at 108.67 only if it breaks 111.52. The immediate support stands at 109.90 (200-H MA) and breaks below ill drag the pair down till 109.50/109.30/108.70.
It is good to buy on dips around 110 with SL around 109.50 for the TP of 111.50.
