Overbought & selling pressures in major trend signalled by leading oscillators, Bears fall back in range on failure swings at range resistance, RSI shows faded strength to plummet prices below EMAs
FxWirePro: CHFJPY trades weak, dip till 110.80 likely
Ichimoku Analysis (8 Hour chart)
As per our analysis, CHFJPY is trading weak for the past 1-week and lost more than 200 pips. The decline was mainly due to the increasing demand for Safe-haven assets. The number of cases infected has increased to 2744 and death toll to 80. The coronavirus has spread to various countries like the US, Thailand, Mongolia and South Korea. It hits an Intraday low of 112.08 and is currently trading around 112.24.
USDCHF is still in a downtrend as long as resistance 0.9765 holds. Any violation above will take the pair to next level till 0.9845.
Technically, near-term support is around 112 and any indicative break below will drag the pair down till 111.69/111.24/110.87 (200- 8H MA).
The immediate resistance is at 112.81, the violation above will take the pair till 113.40/113.75/114.
It is good to sell on rallies around 112.45-50 with SL around 113 for the TP of 110.90.