FxWirePro: CHFJPY Daily Outlook

Ichimoku analysis (Daily chart)

Tenken-Sen- 120.25

Kijun-Sen- 120.41

CHF/JPY has taken support near 200-H MA and shown a minor jump. The pair halted its 1-1/2 months bullish trend and declined slightly from a temporary top of 121.07. The minor strength in the Japanese Yen due to sharp in global equity markets and surge in Coronavirus cases in Japan has increased demand for safe-haven assets.  USDCHF showed a minor pullback after hitting a 2-1/2 month low. It should break above 0.9075 (200- day MA) for further bullishness. USDJPY paired some of the gains made today. Minor bullish continuation only above 109.05. The intraday trend of CHFJPY is bullish as long as support 120 holds.

Intraday analysis-

Trend – Neutral

The pair is holding below Kijun-Sen and cloud. On the lower side, near-term support is around 120. Any violation below will drag the pair down to 119.25/118.60/117.95/116 likely. The immediate resistance is only 120.50. Any violation above that level will take the pair to next level to 121.25/122/123/124.45.

Indicator (Hourly  chart)

CAM indicator – Slightly Bullish

Directional movement index – Neutral

It is good to sell below 120 with SL around 121 for a TP of 118.