Ichimoku analysis (60 min chart)
Tenken-Sen- 114.61
Kijun-Sen- 114.573
CHFJPY is consolidating in a narrow range between 113.81 and 114.96 for the past three days. The Swiss franc is trading against the US dollar on hopes of Biden to win the Presidential elections. But strength in Yen is putting on this pair at higher levels. USDJPY is trading weak, any violation below 104 confirms bearish continuation. The intraday trend is neutral as long as resistance 115 holds.
Technical:
In the 60 min chart, CHFJPY is holding well above 200 MA. Any violation above 115 confirms minor trend reversal, a jump till 116/116.60 likely. On the lower side, near term intraday support is around 114.50, and any indicative break of that level target 114.30/114/113.75.
Indicator (60 min chart)
CAM indicator –bullish
Directional movement index - Bullish
It is good to buy above 115 with SL around 114.50 for the TP of 116
