This is a valid translation, but I wouldn't recommend using it.
It really depends on wether you translate from DE to EN or the other way round:
DE - EN: I think it should be "I like this chair." instead. "This chair pleases me" may be correct, but it sounds posh. It doesn't sound at all like something someone would say or write.
EN - DE: This should be alright.
You can get the 'posh' sound in German by translating: "This chair pleases me." - "Dieser Stuhl stellt mich zufrieden."