FxWirePro: CHFJPY trades lower on US-Iran escalation, good to sell on rallies

Ichimoku Analysis (Hourly chart)

Tenken-Sen- 111.32

Kijun-Sen- 111.69

CHFJPY has halted its 12- week of the bullish trend and declined more than 150 pips from 112.55 to 110.93. The decline was mainly due to the escalation of US-Iran tension which has increased demand for haven assets like yen, gold.

 USDCHF is showing a minor recovery of more than 90 pips from a low of 0.96472. The minor trend reversal can happen only beyond 0.97750.

 On the higher side, the pair is facing strong resistance at 111.32 and any break important targets 111.80/112.

 The near term support is around 110.65 and any break beneath will drag the pair underneath till 110/109.53.

 It is good to sell on rallies around 111.35-40 with SL around 111.85 for the TP of 110.