Ichimoku Analysis (4 Hour chart)
Tenken-Sen- 112.67
Kijun-Sen- 112.46
As per our analysis, CHFJPY has halted its 2-weeks of bearishness and shown a jump of more than 100 pips. The recovery was mainly due to a slight weakness in the yen. USDJPY has taken support near 38.2% fib around 108.30 and surged more than 100 pips till 109.545.CHFJPY hits a high of 113 and is currently trading around 112.866.
USDCHF jumped till 0.97045 after forming a minor bottom around 0.96289. Significant bullishness only if it breaks 0.9766-70.
Technically, near-term support is around 112.45 (200-4 H MA) and any indicative break below will drag the pair down till 112/111.70.
The immediate resistance is at 113, any convincing break target 113.37/113.89.
It is good to buy on dips around 112.50-55 with SL around 112 for the TP of 113.37/113.89.
