Trade idea chfjpy (intraday)
Source: FxWire Pro - Technicals / 18 Oct 2020 12:46:18 America/New_York
Ichimoku analysis (Hourly chart)
CHFJPY is trading in a narrow range between115.40 and 114.86 for the past three trading days. The pair has lost more than 100 pips from a minor top 116.19 due to the strong yen. The rise in the number of new corona cases and delay in US stimulus has increased demand for safe-haven like the yen. The intraday trend of this pair remains neutral as long as resistance 115.50 holds.
In the Hourly chart, CHFJPY is trading well below the long-term moving average (200 MA). Any break above 115.50 will take the pair till 116/116.77. On the flip side, near term intraday support is around 114.80 and any indicative break below that level will take the pair till 114/113.30.
It is good to sell on rallies around 115.50 with SL around 116 for the TP of 114© FxWire Pro 2020. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.