Trade Idea CHFJPY (Intraday)

Ichimoku analysis (1-hour chart)

Tenken-Sen- 114.63

Kijun-Sen- 114.54

CHFJPY has taken support near the trend line and shown a minor jump. The broad-based US dollar buying on the rise in coronavirus and election uncertainty is supporting the US dollar index at lower levels. USDCHF is holding above 0.91000 levels and any break above 0.9165 confirms bullish continuation. Market eyes US advanced GDP, initial jobless claims for further direction. The intraday trend of CHFJPY remains bearish as long as resistance 115 holds.

Technical:

In the 1- hour chart, CHFJPY is facing strong resistance at 114.90 (55- H EMA. Any break above 114.90-115 will take the pair till 115.50/116. On the higher side, near term intraday support is around 114, and any indicative break of that level target 113.34/112.80 likely.

It is good to sell on rallies around 114.75-80 with SL around 115.30 for the TP of 113