Ichimoku Analysis (4-hour chart)
Tenken-Sen- 0.95051
Kijun-Sen- 0.94963
USDCHF is trading in a narrow range between 0.95530 and 0.94635 for the past 3 trading days. The Swiss central bank has kept its policy at -0.75% as expected. It has said that "remains will to intervene more strongly in the foreign exchange markets". The SNB has lower forecasts for inflation and growth. The intraday is slightly neutral, significant weakness only below 0.94650 levels. It is currently trading around 0.94951.
U.S housing starts rose 4.3% in May better than the decline of 26.4% in Apr and 19% in Mar. The building permits in May rose by 1.1% to 1.22M slightly less than an estimate of 1.23M.
In the 4- hour chart, the pair is struggling to close above 0.9514 (55 EMA), any indicative close above will take to till 0.9550/0.96250/0.96350 (200-4H MA).
On the lower side, strong support is at 0.945, 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.
