FxWirePro: CHFJPY Daily Outlook

Ichimoku analysis (1-Hour chart)

Tenken-Sen- 120.325

Kijun-Sen- 120.327         

CHF/JPY is trading weak and lost nearly 50 pips from an intraday high of 120.50. the board-based weakness in the Swiss franc is putting pressure on this pair at higher levels. USDCHF is holding well above 0.9200, a jump till 0.9300 is possible.  The yen has regained against the US dollar for the past three days. USDJPY should break below 110.40 for further bearishness.

Intraday analysis-

Trend – Bearish

The pair is trading well below 1-hour Tenken-Sen, Kijun-Sen, and cloud. The near-term resistance is around 121.  Any violation above targets 122/123. The immediate support is around 120. Any decline below that level will take the pair to 119.60/118.80/118.50.

Indicator (1-Hour chart)

CAM indicator –Bearish 

Directional movement index – Bearish 

It is good to sell on rallies around 120.15-20 with SL around 121 for a TP of 118.