Ichimoku analysis (Hourly chart)
Tenken-Sen- 115.42
Kijun-Sen- 115.62
CHFJPY is trading weak for the second consecutive day on account of the weak Swiss franc. The SNB Chairman Jordan Said yesterday that the overvalued Swiss franc will pose risk to the Swiss financial industry. USDCHF has shown a good recovery till 0.90862 from a low of 0.90349. The intraday trend of CHFJPY remains bearish as long as resistance 116 holds.
Technical:
In the one hour chart, CHFJPY is trading below 100 and 200 MA. Any break below 115.30 will take the pair till 114.80/114.35/114. On the higher side, near term intraday resistance is around 116, and any indicative break that level will take the pair till 116.60/117 likely.
It is good to sell on rallies around 115.35-40 with SL around 116 for the TP of 114
