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  |   Technicals


FxWirePro: CHFJPY Daily Outlook

Ichimoku analysis (4 Hour chart)


Tenken-Sen- 114.63


Kijun-Sen- 114.39


CHFJPY recovered sharply after a minor decline to 114.29 level. The Intraday trend is still bullish as long as support 114.70 holds.  The surge in Swiss franc against USD on broad-based US dollar selling. USDCHF hits one week low and any break below 0.9050 targets 0.9000. The yen is consolidating against the USD after a minor pullback till 104.76. It is facing strong resistance at 200 4H MA. Any close above will take the pair to 105.674.



In the 4 hour chart, CHFJPY is trading well above 200 -4H MA.  A jump to 116.10 is possible. On the lower side, near term support is around 114.70, and any indicative break below targets 114.20/113.75.


Indicator (4 Hour chart)


CAM indicator –Slightly bullish


Directional movement index –Bullish


It is good to buy on dips around 114.85-90 with SL around 114.40 for the TP of 116.

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