Ichimoku Analysis (Hourly chart)
Tenken-Sen- 0.97002
Kijun-Sen- 0.97140
USDCHF has once again declined after a minor recovery till 0.97437. The pair was in a downtrend for the past more than 1-month and lost more than 350 pips on broad-based US dollar selling. DXY lost more than 50 pips in two days from high of 97.11 and is hovering around 96.61.
The near-term resistance is around 0.97554 (200- H MA), any break above will take the pair to next level till 0.9800/0.9845. Any close above 0.9845 targets 0.9900/0.9925.
On the flipside, primary support is at 0.9650 and the indicative break below will drag the pair to 0.9623 (23.6% fib)/0.9543.
It is good to sell on rallies around 0.9700-05 with SL around 0.9745 for the TP of 0.9650.
