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FxWirePro: CHF/JPY momentum continues, jump till 118 likely

Overall trend : Bullish

Ichimoku Analysis (daily chart)

Tenken-sen- 115.16

 

Kijun-Sen- 113.58

 

As per our analysis CHF/JPY was trading higher and hits fresh 7- month high on strong Swiss franc geo political tensions between US and China due to after a minor decline of 40 pips from the high of 116.08. The pair has broken yesterday’s high of 116.46 and jumped till 116.78 at the time of writing.It is currently trading around 116.73.

 

On the lower side, near term support is around 116.09 (23.6% fib) and any break below will drag the pair to next level till 115.45/114.90/114. Any break below 114 will drag the pair to next level till 113.

 

The near term major resistance is around 116.80 and any break above will take the pair to next level till 117.43 (88.6% fib)/118/118.28.

 

It is good to buy on dips around 116.45-50with SL around 115.90 for the TP of 118.

 

 

 

 

 

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