Ichimoku analysis (15 min chart)
Tenken-Sen- 117.392
Kijun-Sen- 117.392
CHFJPY is trading slightly weak after forming a minor top around 117.75. The pair was one of the best performers in the past 3 weeks and jumped more than 350 pips on weak Yen. The upbeat market sentiment due to COVID-19 vaccine optimism has decreased demand for safe-haven assets like yen. The intraday trend of the pair remains bearish as long as resistance 117.80 holds. USDCHF continues to trade weak and significant trend reversal only above 0.8950.
Technical:
The pair is facing strong resistance at 117.80 and any indicative break above 117.80 will take to the next level 118.27 (161.8% fib)/118.60. On the lower side, near term support is around 117, and any indicative break below targets 116.65/116.40/116.
Indicator (15 min chart)
CAM indicator –Bearish
Directional movement index –bearish
It is good to sell on rallies around 117.35-40 with SL around 117.80 for the TP of 116.65.
