FxWirePro: chfjpy trades weak, dip till 110.80 likely
Source: FxWire Pro - Technicals / 27 Jan 2020 05:40:00 America/New_York
Ichimoku Analysis (8 Hour chart)
As per our analysis, CHFJPY is trading weak for the past 1-week and lost more than 200 pips. The decline was mainly due to the increasing demand for Safe-haven assets. The number of cases infected has increased to 2744 and death toll to 80. The coronavirus has spread to various countries like the US, Thailand, Mongolia and South Korea. It hits an Intraday low of 112.08 and is currently trading around 112.24.
USDCHF is still in a downtrend as long as resistance 0.9765 holds. Any violation above will take the pair to next level till 0.9845.
Technically, near-term support is around 112 and any indicative break below will drag the pair down till 111.69/111.24/110.87 (200- 8H MA).
The immediate resistance is at 112.81, the violation above will take the pair till 113.40/113.75/114.
It is good to sell on rallies around 112.45-50 with SL around 113 for the TP of 110.90.© 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.