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FxWirePro: CHFJPY Daily Outlook

Candlestick analysis

Shooting Star  (8-hour chart)

Ichimoku Analysis (8-hour chart)

 

Tenken-Sen- 115.35

 

Kijun-Sen- 115.21

 

CHFJPY has halted its ten days of the bullish trend and lost more than 130pips from high 116.30. The pair was one of the best performers in the past 3- weeks and gained more than 300 pips on the strong Swiss franc. USDCHF recovered sharply from 5-1/2 low and jumped 200 pips. Any violation above 0.9265 confirms bullish continuation.

 

On the lower side, near-term support is around 114.94 (61.8% fib) and any violation below will drag the pair down till 114.25/114/113. The next primary resistance to be watched is 116.30 and break above that level targets 117/118.

 

It is good to sell on rallies around 115.25-30 with SL around 116 for the TP of 113.

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