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)
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.© FxWire Pro 2020. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.