Ichimoku Analysis (8-hour chart)
Tenken-Sen- 108.64
Kijun-Sen- 108.62
CHFJPY is trading lower for the past 2 trading days and declined nearly 100 pips from high of 109.07. The sell-off was due to weakness in Swiss franc against USD. The pair has formed a temporary top around 109.58 and started to decline. It is currently trading around 108.104.
On the flip side, near term support is around 108.15 and any violation below will drag the pair till 107.90/107.52. Major bearishness only below 106.85.
The near term resistance is around 108.50 and any convincing break above targets 109.07/109.58.
It is good to sell on rallies around 108.25-30 with SL around 108.75 for the TP of 107.50.
