FxWirePro: CHFJPY upside capped by 200-4H MA, good to buy on dips (please ignore the previous report)
Ichimoku Analysis (4 Hour chart)
CHFJPY has halted its 5 days of bearishness and shown a jump of more than 100 pips. The recovery was mainly due to a slight weakness in the yen. USDJPY showed a nice recovery and holding well above 200-4H MA.CHFJPY hits a high of 120.15 and is currently trading around 119.95.
USDCHF is consolidating n a narrow range between 0.97250 and 0.91330. Significant bullishness only if it breaks 0.92380.
Technically, near-term support is around 119.60 and any indicative break below will drag the pair down till 119/118.65.
The immediate resistance is at 120.72 (Jul 13th, 2021 high), any convincing break targets 121/122.
It is good to buy on dips around 119.40-45 with SL around 118.65 for the TP of 121.