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FxWirePro: CHFJPY faces strong support at 21-day MA, break below targets 112
Ichimoku Analysis (Daily chart)
CHFJPY is trading for the past 5- days and lost more than 150 pips. The decline was mainly due to a slight recovery in yen on increasing demand for Safe-haven assets on the spreading of coronavirus in Asian countries. It hits an Intraday low of 112.70 and is currently trading around 112.57.
USDCHF is still in a downtrend as long as resistance 0.9765 holds. Any violation above will take the pair to next level till 0.9845.
Technically, near-term support is around 112.68 and any indicative break below will drag the pair down till 112.50/112.20.
The immediate resistance is at 113.40, violation above will take the pair till 113.75/114.
It is good to sell on rallies around 113.15-20 with SL around 113.70 for the TP of 112.20.