• FxWirePro: chfjpy trades lower on us-iran escalation, good to sell on rallies

    Source: FxWire Pro - Technicals / 05 Jan 2020 10:57:31   America/New_York

    Ichimoku Analysis (Hourly chart)


    Tenken-Sen- 111.32


    Kijun-Sen- 111.69


    CHFJPY has halted its 12- week of the bullish trend and declined more than 150 pips from 112.55 to 110.93. The decline was mainly due to the escalation of US-Iran tension which has increased demand for haven assets like yen, gold.


     USDCHF is showing a minor recovery of more than 90 pips from a low of 0.96472. The minor trend reversal can happen only beyond 0.97750.


     On the higher side, the pair is facing strong resistance at 111.32 and any break important targets 111.80/112.


     The near term support is around 110.65 and any break beneath will drag the pair underneath till 110/109.53.


     It is good to sell on rallies around 111.35-40 with SL around 111.85 for the TP of 110.


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