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FxWirePro:Buy CHFJPY on dips

Ichimoku Analysis:

 

Ichimoku Analysis (weekly chart)

 

Tenken-Sen- 108.75

 

Kijun-Sen- 108.77

 

CHFJPY is trading higher for 3rd consecutive week and jumped more than 150 pips. The jump was mainly due to strong Swiss franc on a slight increase in demand for Safe-haven assets. The pair hits a high of 110.56 and is currently trading around 110.37.

 

USDCHF has lost more than 150 pips in pas t2 weeks after forming a temporary top around 1.00233. Any major weakness can be seen below 0.9835.

 

On the higher side, the pair has broken major resistance around 110.40 and this confirms major bullishness, a jump till 111.60/112.

 

The near term support is around 109.93 (55- W EMA), any break below will drag the pair down till 109.50/109.

 

It is good to buy on dips around 110.20-25 with SL around 109.45 for the TP of 112.

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