Ichimoku Analysis (Weekly chart)
Tenken-Sen- 110.08
Kijun-Sen- 109.25
CHFJPY is trading for the 4th consecutive week and surged more than 300 pips on easing demand for Safe-haven assets like yen. The pair hits a high of 111.78 and is currently trading around 110.37.
USDCHF is on the downside for the past 2 weeks and has lost more than 200 pips. The overall trend is weak and any violation below 0.9800 confirms bearish continuation.
On the higher side, the pair is holding well above major trend line resistance and this confirms the major bullish trend, a jump till 112.40/113.50.
The near term support is around 110.62 (23.65 fib), any break beneath will drag the pair down till 110 (5- W EMA)/109.60.
It is good to buy on dips around 111.15-20 with SL around 110.60 for the TP of 112.40.
