FxWirePro: CHFJPY holds above 200- W MA, jump till 112.25 likely
Ichimoku Analysis (Weekly chart)
Tenken-Sen- 110.32
Kijun-Sen- 109.29
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 111.85 and is currently trading around 111.67.
USDCHF is consolidating in a narrow range after hitting a low of 0.9770. the pair was trading soft for the past 2 weeks and has lost more than 200 pips. The overall trend is weak as long as resistance 0.9850 holds.
On the higher side, the pair is holding well beyond 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 (23.6% fib), any break beneath will drag the pair down till 110 (7- W EMA)/109.10.
It is good to buy on dips around 111.35-40 with SL around 110.80 for the TP of 112.25.
