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FxWirePro: CHFJPY Daily Outlook
Ichimoku Analysis (8 Hour chart)
CHFJPY has shown a sharp recovery of more than 100 pips on broad-based Swiss franc buying. USDCHF hits 1- month low and any convincing below 0.9580 confirms bearish continuation. The renewed US-China trade tension has increased demand for Safe-haven assets like Swiss Franc.
The pair is facing strong resistance at 112.52 and hourly close above that level targets 114. The decline from 113.99 will end at 108.67 only if it breaks 112.50. The immediate support stands at 111.75 (Kijun-Sen) and breaks below will drag the pair down till 111.47/111.19 (55-8H EMA)/110.58 (200-8H MA).
It is good to buy on dips around 111.80-85 with SL around 111.30 for the TP of 113.20.