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FxWirePro- CHFJPY Daily Outlook

Ichimoku Analysis (4 Hour chart)

 

Tenken-Sen- 120.06

 

Kijun-Sen- 120.38

 Chart pattern- Adam and Eve Double top

CHFJPY continues to trade lower for third consecutive days and lost more than 100 pips due to the board–based Swiss franc selling. USDCHF hits two weeks high and holding above 0.9200 level. Any breach above 0.9235 confirms intraday bullishness. The minor weakness in the Japanese Yen due to the surge in US bond yields is preventing further downside of this pair. CHFJPY hits an intraday low of 119.64 and is currently trading around 119.81.

 

Technically, near-term support is around 119.60 and any indicative break below will drag the pair down till 119/118.65/118.

 

The immediate resistance is at 120.20, any convincing break targets 120.60/121.20/122/123.

 

It is good to sell on rallies around 120.50-55 with SL around 121 for the TP of 118.

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