FxWirePro: CHF/JPY trade Idea

Overall trend : Bullish

Ichimoku Analysis (Hourly chart)

Tenken-sen- 115.96

Kijun-Sen- 115.94

Trend reversal level (intra day)- 116.27 (161.8% fib)

As per our analysis CHF/JPY was trading higher after a minor decline of 40 pips from the high of 116.08. The pair has broken yesterday’s high of 116.08 and jumped till 116.21.It is currently trading around 116.20.

On the lower side, near term support is around 115.69 (23.6% fib) and any break below will drag the pair to next level till 115.20/114.85 (200- H MA)/114. Any break below 114 will drag the pair to next level till 113.

The near term major resistance is around 116.27 (161.8% fib) and any break above will take the pair to next level till 116.50/117/117.43 (88.6% fib).

It is good to buy on dips around 116.116.10 with SL around 115.40 for the TP of 117.42.

Resistance

R1- 116.27
 

R2 - 117
 

R3- 117.42

Support               

S1- 115.65

S2- 115.20

S3- 114.85