• FxWirePro: chfjpy hits 8-month high, jump till 114 likely

    Source: FxWire Pro - Technicals / 30 Dec 2019 01:03:12   America/New_York

    Ichimoku Analysis (Monthly chart)

     

    Tenken-Sen- 109.45

     

    Kijun-Sen- 112.38

     

    CHFJPY is trading higher for the 4th consecutive month and jumped more than 600 pips from a low of 106.85 level. The pair hits 8-month at 112.56 on the strong Swiss franc. It is currently trading around 111.613

     

    USDCHF is one of the worst performers this month and lost more than 250 pips after forming a temporary top around 1.00086. The overall trend is weak as long as resistance 0.9850 holds.

     

    On the higher side, the pair is holding well above monthly Tenken-Sen at 109.45. Any break above 112.38 confirms bullish continuation, a jump till 113.90 likely.

     

    The near term support is around 111.65, any break beneath will drag the pair down till 110.60/110.

     

    It is good to buy on dips around 111.65-70 with SL around 111 for the TP of 113.90.

     

     

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