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FxWirePro: CHFJPY Daily Outlook
Ichimoku analysis (hourly chart)
CHF/JPY declining sharply after forming a minor top around 117.26. The strength in yen on increasing demand for Safe-haven assets. USDJPY is holding below 200-H MA, dip till 103.50 is possible. USDCHF is consolidating in a narrow range between 0.89253 and 0.88642 for the past three days. The intraday trend of CHFJPY remains bearish as long as resistance 117.26 holds.
The pair's strong resistance is at 116.75, violation above will take to the next level 117/117.25/117.60/118.05/118.60. On the lower side, near term support is around 116.74, and any indicative break below targets 116.40/116/115.84.
Indicator (1-hour chart)
CAM indicator –Bearish
Directional movement index –Bearish
It is good to sell on rallies around 116.55-60 with SL around 117 for the TP of 115.