FxWirePro: USDCHF Daily Outlook

Ichimoku Analysis (Daily chart)

Tenken-Sen- 0.96575

Kijun-Sen- 0.96895

USDCHF showed a minor selling below 0.9580 level and hits an intraday low of 0.95730. The pair recovered more than 50 pips as sellers lost interest. The weak US economic data and protest in the US after the death of George Floyd are putting pressure on the dollar. DXY continues to trade 96.45.45.

US ISM manufacturing index has ticked higher to 43.1 after four months of continuous decline. This shows that it is slightly stabilizing from the 11-year low. The index of new orders jumped to 31.8.

The near term minor resistance is at 0.9625, any break above targets 0.9660/0.9700/0.9720. Minor bearish reversal can happen only above 0.98027 (Apr 24th, 2020 high) and surge past that level will reach 0.9900.

The pair is struggling to close below 0.9580 level. Any break beyond 0.95735 confirms further weakness. A dip till 0.9535/0.9500 is likely.

It is good to sell on rallies around 0.9628-30 with SL around 0.9665 for the TP of 0.9535.