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FxWirePro: Sell CHFJPY on rallies
Ichimoku Analysis (Daily chart)
CHFJPY continues to trade weak for 10 days on the broad-based Swiss franc. USDCHF recovered sharply and broken significant resistance 0.9250. The Swiss franc declined further against all majors after the dovish SNB rate decision. The central bank has kept its rates unchanged at -0.75% and predicts that the economy will drop by about 5%.
On the lower side, near-term intraday support is around 113.60, violation below will drag the pair down till 113/112.10. The next prime resistance to be watched is 114.63 and break above that level targets 116.27/116.70.
It is good to sell on rallies around 114.35-40 with SL around 115 for the TP of 113/112.10.