Trade Idea CHFJPY (Intraday)

Ichimoku analysis (4-hour chart)

Tenken-Sen- 114.708

Kijun-Sen- 114.575

CHFJPY has recovered sharply and broken significant resistance 115 after a long consolidation. The Swiss franc is trading strong against the USD on broad-based US dollar selling.  USDCHF hits 2-1/2 month low at 0.89802 and is currently trading around 0.90020.USDJPY has halted its four weeks of a bearish trend, any violation above 104.30 confirms a minor uptrend. The intraday trend of CHFJPY is bullish as long as support 114.40 holds.

Technical:

In the 4-hour chart, CHFJPY is holding slightly above 200 MA. Any violation above 115.52 (61.8% fib) confirms minor bullish continuation, 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 (4-hour chart)

CAM indicator –Bullish

Directional movement index –Bullish

It is good to buy on dips around 115.25-30 with SL around 114.80 for the TP of 116