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FxWirePro: Sell CHFJPY on rallies

Ichimoku Analysis (Hourly chart)

 

Tenken-Sen- 109.52

 

Kijun-Sen- 109.43

 

As per our analysis, CHFJPY is trading weak for the past two days and hits a low of 109.24. The pair has shown a minor jump to 109.63 and is currently trading around 109.58.

 

CHFJPY formed a temporary top at 110.39 on Oct 21st, 2019 and trading in a narrow range for past 1-month. Any break below 109 confirms minor weakness.

 

USDCHF's trend bias is neutral as long as resistance 1.0030. The slight pessimism in the US-China trade talks is supporting safe-haven assets like yen, Swiss franc

 

On the flip side, near term support stands at 109.15 low made on Oct 28th, 2019, any close below will drag the pair down till 108.56/108.

 

The major trend continuation can happen only above 110.40 level, a jump till 110.80/112 is possible.

 

It is good to sell on rallies around 109.75-80 with SL around 110.40 for the TP of 108.

 

By Rangarajan Hariharan
  • Market Data
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