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FxWirePro: CHFJPY breaks major resistance around 116.30, jump till 117.90
Ichimoku Analysis (4-hour chart)
CHFJPY continues to trade higher and after hitting a low of 114.98. The pair's recovery mainly due to strong Swiss franc. USDCHF is in the bearish mode and lost more than 150 pips from minor top 0.92404. Any violation below 0.9060 confirms the bearish continuation.
On the lower side, near-term support is around 115.80 (23.6% fib) and any violation below will drag the pair down till 115.30/114.95/113. The next primary resistance to be watched is 116.50 and break above that level targets 117.10/117.90.
It is good to buy on dips around 116.20-25 with SL around 115.60 for the TP of 117.80.