FxWirePro: CHFJPY Daily Outlook

Ichimoku analysis (1 Hour chart)

Tenken-Sen- 121.905

Kijun-Sen- 121.93

CHF/JPY is declining once again slightly after a pullback above 122 level. The pair has formed a temporary top around 122.52 and shown a minor sell-off. The board-based Swiss franc selling is putting pressure on this pair at higher levels. USDCHF broken significant resistance 0.9045 after a long consolidation. The major selling in yen is preventing the pair from further sell-off. USDJPY is holding well above 110, a jump till 111 is possible. The intraday trend of CHFJPY is bearish as long as resistance 122.50 holds.

Intraday analysis-

Trend – Bearish 

The pair is holding below Hourly Tenken-Sen, Kijun-Sen, and cloud. On the lower side, near-term support is around 121.70. Any violation below will drag the pair down to 121.50/121/120.50/120 likely. The immediate resistance is only 122.55. Any violation above that level will take the pair to next level to 123/123.93/124.45.

Indicator (1-hour chart)

CAM indicator –Bearish

Directional movement index – Bearish

It is good to sell on rallies around 121.80-82 with SL around 122.15 for a TP of 1