• FxWirePro: buy chfjpy on dips

    Source: FxWire Pro - Technicals / 22 Nov 2020 11:41:36   America/New_York

    Ichimoku analysis (15 min chart)

     

    Tenken-Sen- 114.105

     

    Kijun-Sen- 114.105

     

    CHFJPY has shown a minor recovery of nearly 45 pips on the strong Swiss franc.  USDCHF continues to trade lower on broad-based US dollar selling. Any violation below 0.9090 confirms the bearish continuation. The yen declined slightly against the USD and significant trend reversal only above 104.20. The intraday trend of CHFJPY is bullish as long as support 113.74 holds.

     

    Technical:

    In the 15 min chart, CHFJPY is facing strong support at 113.74.  Any violation below that level targets 113/112. On the higher side, near term intraday resistance is around 114.20 and any indicative break of that level will take the pair to 114.75/115/115.60.

     

    Indicator (15 min chart)

     

    CAM indicator –Neutral

     

    Directional movement index –neutral

     

    It is good to buy above 114.20 with SL around 113.75 for the TP of 1115.30.

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