Major resistance- 0.99050
Ichimoku Analysis (1-hour chart)
Tenken-Sen- 0.98933
Kijun-Sen- 0.98815
USDCHF has recovered slightly more than 50 pips after forming a minor bottom around 0.9840. The broad-based selling in the US dollar was putting pressure on price at higher levels. DXY is trading weak for the past 2-weeks and lost more than 200 pips from temporary top 99.67.
US 10-year bond yield is facing strong trend line resistance at 1.81% and declined once again after hitting a high of 1.805%. The spread between 10 and 2-year slightly decreased to 18 bps from 19.4 bps.
Technically, near term major resistance is around 0.9905 and any violation above targets 0.9925/0.99525. Any major bullishness only above 1.0030.
On the flip side, major support is around 0.9840 and any convincing break below will drag the pair down till 0.9800/0.9770.
It is good to buy on dips around 0.9880 with SL around 0.9840 for the TP of 0.99525
