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Trade Idea CHFJPY (Intraday)
Ichimoku analysis (Hourly chart)
CHFJPY has taken support near the trend line at 115.30 and shown a minor jump to 115.42. The minor weakness in the Swiss franc is putting pressure on this pair. USDCHF raised nearly 30 pips from a low of 0.9030. USDJPY has halted its three days of the bearish trend and shown a minor recovery. The intraday trend of this pair remains bearish as long as resistance 116 holds.
In the one hour chart, CHFJPY is trading below Tenken-Sen, Kijun-Sen, and 200 MA. Any break below 115.30 will take the pair till 115/114.86. On the higher side, near term intraday resistance is around 115.60 and any indicative break above that level will take the pair till 115.95/116.20/116.60/117 likely.
It is good to sell on rallies around 115.48-50 with SL around 115.80 for the TP of 115/114.85.