Ichimoku Analysis (8 Hour chart)
Tenken-Sen- 0.97117
Kijun-Sen-0.96876
USDCHF recovered slightly after a long consolidation for the past 2-weeks. It has formed a minor bottom around 0.96130 and shown a jump of more than 100 pips. The broad-based buying US dollar is supporting prices at lower levels. DXY is holding above 200-day MA for the past 4 trading days and a jump till 98.55 is possible.
The US Conference Board consumer confidence came at 131.6 in Jan, the highest level in 5 months. The durable goods orders surged 2.4% in Dec vs forecast of 1.2%.
Technically, the pair is still on the downside as long as resistance at 0.97650-70 holds. Any indicative break above targets 0.9800/0.9845.
On the flip side, near-term support is at 0.9660 and the break beneath will drag the pair to the next level till 0.96130/0.9545.
It is good to buy above 0.9765 with SL around 0.9720 for the TP of 0.9845.
