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FxWirePro: CHFJPY Daily Outlook
Ichimoku analysis (4-Hour chart)
CHF/JPY continues to trade weak after a minor jump to 118.65. The strength in the Japanese yen due to a decline in US bond yield and an increase in demand for Safe-haven assets. USDJPY is holding below 108 and a dip till 107.20 is possible. The minor weakness in the Swiss franc also dragging the pair. USDCHF has shown a minor pullback from one month low of 0.91289. The Overall trend of CHFJPY is bearish as long as resistance 118.85.
The pair's strong support is at 118, any break below confirms minor weakness, and a dip till 117.60/117.20/116.90/116.09 likely. On the higher side, near-term resistance is around 118.85 (Feb 17th high), and any indicative break above targets 119.60/120.40.
Ichimoku Analysis- The pair is trading above 4- hour Kijun-Sen, Tenken-Sen, cloud, and 200-MA.
Indicator (4-Hour chart)
CAM indicator – Slightly Bullish
Directional movement index – Bullish
It is good to sell on rallies around 118 with SL around 118.60 for a TP of 116.20.