• FxWirePro: chfjpy trades higher on the strong Swiss Franc, good to buy on dips

    Source: FxWire Pro - Technicals / 05 Jul 2020 12:57:45   America/New_York

    Ichimoku Analysis (4-hour chart)


    Tenken-Sen- 113.73


    Kijun-Sen- 113.54


    CHFJPY recovered more than 150 pips from a low of 112.05 on strong Swiss Franc. USDCHF continues to trade lower for the past three days and any violation below 0.9370 will drag the pair down till 0.9300. The increase in risk due to the second wave of corona will raise the demand for safe-haven assets.


    The pair is facing minor support at 113.30 (55 4H EMA). Any indicative break below will take the pair to 112.60/112.


    The next significant resistance to be watched is 113.75, violation above that level targets 114/114.29/115. Extreme bullish trend continuation only above 114.25.


    It is good to buy on dips around 113.15-20 with SL around 112.60 for the TP of 1.


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