• FxWirePro: chfjpy trades below 112 level, dip till 110.90 likely

    Source: FxWire Pro - Technicals / 16 Feb 2020 07:02:26   America/New_York

     

    Ichimoku analysis (Daily chart)

     

    Tenken-Sen- 112.56

     

    Kijun-Sen- 113.06

     

    As per our analysis, CHFJPY is trading weak after a minor pullback to the 112.91 level. The pair has broken major support 112 after a long consolidation. The main reason was due to weakness in the Swiss franc, especially against USD. The overall trend is still weak as long as resistance 113.10 holds.

     

    USDCHF has surged past 0.9800 and on the bullish trend for the past 2- weeks. Any break above 0.9870 confirms trend continuation.

    On the flip side, the pair is trading below the psychological level at 112 and a dip till 111.70/111/110.80 likely.

     

    The immediate resistance is around 112.36 (23.6% fib), an indicative break above targets 112.60/113/113.37/113.90.

     

    It is good to sell on rallies around 112.10-15 with SL around 112.60 for the TP of 110.90.

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