• FxWirePro: buy chfjpy above 112.50

    Source: FxWire Pro - Technicals / 02 Feb 2020 09:59:17   America/New_York

    Ichimoku Analysis (4 Hour chart)

     

    Tenken-Sen- 112.218

     

    Kijun-Sen- 112.155

     

    CHFJPY has halted its 2-weeks of bearishness and shown a minor jump of more than 70 pips on a slight jump in Swiss franc. The coronavirus has spread to 19 countries and almost 213 people died in China. The demand for riskier assets is getting declined. It hits an Intraday low of 112.508 and is currently trading around 112.501.

     

    USDCHF is trading weak and any break below 0.9670 will drag the pair down till 0.9645/0.9615.

     

    Technically, near-term support is around 111.70 and any indicative break below will drag the pair down till 111.24/110.89 (Jan 5th low).

     

    The immediate resistance is at 112.50, any convincing break target 113.06/113.37.

     

    It is good to buy above 112.50 with SL around 112 for the TP of 113.40.

     

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