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FxWirePro: Buy CHFJPY above 109.60 (intraday trade idea)

Ichimoku analysis (Hourly chart)

 

Tenken-Sen- 109.36

 

Kijun-Sen- 109.369

 

CHFJPY is consolidating after hitting high of 109.63 yesterday.The slight bullishness in Swiss franc is ongoing trade tension after US has planned to extend blacklist of Chinese companies.The pair declined till 109.11 and shown a minor recovery . In the past 1-month it was trading weak and lost nearly 400 pips from 111.97 high made on Apr 12th 2019. It hits intraday high of 109.63 and is currently trading around 109.41.

 

The near term resistance is around 109.63 almost like double top and any break above will take the pair to next level till 110/110.34.

 

On the lower side, near term support is around 109.18 (55- H EMA) and any violation below will drag the pair to next level till 108.87/108.50/108/107.60. Any major weakness only below 107.60.

 

It is good to buy above 109.60 with SL around 109.18 for the TP of 110.35.

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