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FxWirePro: CHFJPY Daily outlook

Ichimoku Analysis (1 Hour chart)

 

Tenken-Sen- 120.23

 

Kijun-Sen- 120.23

 

CHFJPY has declined after a minor pullback to 120.60. The strength in the yen is putting pressure on the pair at higher levels. USDJPY started to show a minor weakness on safe-haven demand due to coronavirus. The sell-off in US bond yields also supporting the yen.CHFJPY hits an intraday low of 119.93 and is currently trading around 119.96.

 

USDCHF is consolidating n a narrow range between 0.97250 and 0.91160. Significant bearishness only if it breaks 0.91150.

 

Technically, near-term support is around 119.60 and any indicative break below will drag the pair down till 119/118.65.

 

The immediate resistance is at 120.72 (Jul 13th, 2021 high), any convincing break targets 121/122.

 

It is good to sell on rallies around 120.15-20 with SL around 121 for the TP of 118

 

 

Resistance

R1- 120.72

R2- 121

R3-123

 

Support

 

S1-119.65

 

S2-119

 

S3-118.65

 

 

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