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FxWirePro: CHFJPY Daily Outlook
Ichimoku analysis (Hourly chart)
CHFJPY is consolidating after hitting a high of 115.10. The slight strength in yen due to US-China trade tension and COVID-19 vaccine pessimism. Any violation below 104 will drag the pair down till 103.18. The Intraday trend is still bullish as long as support 114.40 holds. USDCHF continues to trade weak, any violation below 0.9050 targets 0.9000.
It is facing strong resistance around 115.19 (61.8% fib), any indicative break above will take the pair to next level 115.55/116.10. On the lower side, near term support is around 114.65 (100 –H MA) and an indicative break below targets 114.20/113.75.
Indicator (1 Hour chart)
CAM indicator –Neutral
Directional movement index –Slightly weak
It is good to buy on dips around 114.85-90 with SL around 114.40 for the TP of 116.