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Trade Idea CHFJPY (Intraday)
Ichimoku analysis (Daily chart)
CHFJPY continues to trade lower and lost more than 250 pips on the weak Swiss franc. The US dollar was one of the best performers yesterday and gained on rising Coronavirus cases, better than expected US economic data. USDCHF is holding above 0.91500 levels and any break above 0.9200 confirms bullish continuation. Market eyes US core PCE index, Chicago PMI for further direction. The intraday trend of CHFJPY remains bearish as long as resistance 115 holds.
In the daily chart, CHFJPY is facing strong support at 113.40 (200 MA). Any break below will take the pair till 113/112. On the higher side, near term intraday resistance is around 115, and any indicative break of that level target 116 likely.
It is good to sell on rallies around 114.30-35 with SL around 115 for the TP of 113