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FxWirePro: Sell CHFJPY on rallies

Ichimoku Analysis (Hourly chart)

 

Tenken-Sen- 109.87

 

Kijun-Sen- 109.87

 

CHFJPY has formed almost a triple top around 110.20 and started to decline. It hits an intraday low of 109.63 and is currently trading around 109.65.

 

USDCHF's trend bias is positive for the day and any violation above 0.9920 confirms further jump till 0.99525/0.9978. The slight pessimism in the US-China trade talks is supporting safe-haven assets like yen.

 

On the flip side, near term support stands at 109.25-40 (200- 4H MA, 200-4H EMA), any close below will drag the pair down till 109/108.56.

 

The major trend continuation can happen only above 110.40 level high made on Oct 21st, 2019, a jump till 110.80/112 is possible.

 

It is good to sell on rallies around 109.95-110 with SL around 110.40 for the TP of 109.

By Rangarajan Hariharan
  • Market Data
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