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Ichimoku analysis (4 Hour chart)
Tenken-Sen- 116.55
Kijun-Sen- 116.84
CHF/JPY has shown a good recovery of nearly 100 pips from a low of 115.90 on yen weakness. The Swiss franc has halted its one week of bearish trend against the USD despite broad-based US dollar buying. USDCHF formed a temporary top around 0.94170 and started to decline from that level. The intraday jump of more than 2% in the US 10-year bond yield is putting pressure on the yen. USDJPY made a high of 109.69 for the day; any violation above 110 confirms bullish continuation. The intraday trend of CHFJPY remains neutral as long as resistance 117.20 holds.
Technical:
The pair's strong support is at 116.40, any break below confirms minor weakness, and a dip till 115.90-116/115.23 likely. On the higher side, near-term resistance is around 117.20, and any indicative break above targets 117.60/117.90/118.25.
Indicator (4-Hour chart)
CAM indicator – Neutral
Directional movement index – Neutral
It is good to buy on dips around 116.65-70 with SL around 116.20 for a TP of 117.80/118.25.
