FxWirePro: CHFJPY Daily Outlook
Ichimoku analysis (4-hour chart)
As per our analysis, CHF/JPY is trading weak and lost more than 150 pips from minor top 177.78. The decline was mainly due to weakness in the Swiss franc. USDCHF hits a 3-1/2 month high and holding above 0.9150 on broad-based US dollar buying. The intraday trend of CHFJPY remains bearish as long as resistance 117.82 holds.
The pair's strong resistance is at 116.80, violation above will take to the next level 117.20/117.82/118. On the lower side, near-term support is around 116.15, and any indicative break below targets 115.35/115.
Indicator (4-hour chart)
CAM indicator – Bearish
Directional movement index – bearish
It is good to sell on rallies around 116.75-80 with SL around 117.20 for t