Ichimoku Analysis (4-hour chart)
Tenken-Sen- 0.94932
Kijun-Sen- 0.94648
USDCHF is trading flat between 0.95530 and 0.94635 for the past 3 trading days. Markets eye SNB monetary policy meeting tomorrow for further direction. The central bank is expected to keep rates unchanged at -0.75% and will continue to intervene in markets to prevent further strength of a currency. The intraday is slightly neutral, significant weakness only below 0.94650 levels. The strict lockdown in China has increased demand for Safe-haven assets like yen, Swiss franc. It is currently trading around 0.94742.
The US retail sales surged sharply by a record 17.7% in May compared to a forecast of 7.9%, much above the previous month -14.7%.
In the 4- hour chart, the pair is struggling to close above 0.95350 (55 EMA), any indicative close above will take to till 0.9580/0.96250/0.96410 (200-4H MA).
On the lower side, strong support is at 0.945 (Kijun-Sen), and the break below will take the pair to the next level till 0.9435/0.9370.Significant trend reversal only below 0.9370.
It is good to buy on dips around 0.94825-50 with SL around 0.9435 for the TP of 0.9580/0.9600.
