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FxWirePro: USDCHF takes support near trend line support, jump till 0.9780 likely

Ichimoku Analysis (4-hour chart)

 

Tenken-Sen- 0.96906

 

Kijun-Sen- 0.97130

 

USDCHF has halted its 4 days of weakness and jumped more than 50 pips on profit booking. The pair lost more than 200 pips on the strong Swiss franc. The demand for Safe-haven assets increased a lot in the outbreak of coronavirus. It hits an intraday low of 0.96102 and is currently trading around 0.96558.

 

The immediate support is at 0.9600, violation below targets 0.9540/0.9500. On the higher side, nearby resistance is around 0.9670 and indicative break above will take the pair to 0.9725/0.9770.

 

It is good to buy on dips around 0.9650-525 with SL around 0.9610 for the TP of 0.9740.

 

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