• FxWirePro: sell chfjpy on rallies

    Source: FxWire Pro - Technicals / 05 Apr 2020 11:03:17   America/New_York

    Ichimoku Analysis (4 Hour chart)

     

    Tenken-Sen- 110.74

     

    Kijun-Sen- 111.74

     

    CHFJPY has recovered slightly after 5 days of a bearish trend. The pair lost more than 350 pips from a high of 113.99 on account of the weak Swiss franc. USDCHF surged more than 200 pips from minor bottom 0.9500 level.

     

    Technically, immediate support is around 110 and any violation below targets 109.50/108.78.

     

    The near-term resistance is at 111.20 and the indicative break above will take the pair to next level till 111.71/112.25. Significant trend continuation only if it breaks 114.

     

    It is good to sell on rallies around 111.35-40 with SL around 112 for the TP of 110.

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