Ichimoku analysis (60 min chart)
Tenken-Sen- 114.55
Kijun-Sen- 114.52
CHFJPY is trading in a narrow range for the past three days. Any significant move can be seen only above 115. The surging Swiss franc against the US dollar is supporting the pair at lower levels. USDCHF hits three weeks low on broad-based US dollar selling. But the upside is limited due to strength in the yen. USDJPY is trading extremely weak, dip till 102 possible. The intraday trend of CHFJPY is neutral as long as resistance 115 holds.
Technical:
In the 60 min chart, CHFJPY is holding above 200 MA. Any violation above 115 confirms minor trend reversal, a jump till 116/116.60 likely. On the lower side, near term intraday support is around 114.50, and any indicative break of that level target 114.30/114/113.75.
Indicator (60 min chart)
CAM indicator –Slightly bullish
Directional movement index - neutral
It is good to buy above 115 with SL around 114.50 for the TP of 116
