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Trade Idea CHFJPY (Intraday)
Ichimoku analysis (Hourly chart)
CHFJPY is trading higher for the second consecutive day on account of the weak yen. The hopes of fresh stimulus from the US government before the election is putting pressure on Safe-haven demand assets. USDCHF has shown a minor recovery till 0.90562 from a low of 0.90349. The intraday trend of CHFJPY remains bullish as long as support 115.25 holds.
In the one hour chart, CHFJPY is trading above 100 and 200 MA. Any break above 116 will take the pair till 116.58/116.98. On the lower side, near term intraday support is around 115.79, and any indicative break that level will take the pair till 115.25/115 likely.
It is good to buy on dips around 115.60-65 with SL around 115.40 for the TP of 116.50.