• FxWirePro: chfjpy breaks below 112.20, dip till 110.90 likely

    Source: FxWire Pro - Technicals / 11 Feb 2020 09:08:36   America/New_York

    Ichimoku analysis (hourly chart)

     

    Tenken-Sen- 112.34

     

    Kijun-Sen- 112.63

     

    CHFJPY continues to trade lower after a minor pullback till 112.50. The decline was mainly due to weak Swiss franc against all majors. USDCHF recovered sharply after forming a bottom at 0.96245. It hits a high of 0.9788 and a jump till 0.9845 possible.

     

    On the flip side, the pair is trading below trend line support at 112.20 and a dip till 111.70/111/110.80 likely.

     

    The immediate resistance is around 112.57 (200- 4H MA), an indicative break above targets 113/113.37/113.90.

     

    It is good to sell on rallies around 112.25-30 with SL around 112.60 for the TP of 110.90.

     

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