Ichimoku Analysis (4-hour chart)
Tenken-Sen- 0.98117
Kijun-Sen- 0.97839
USDCHF is trading higher after a minor dip till 0.97966 at the time of writing. The jump was mainly due to broad-based US dollar buying. DXY hits a high of 99.28, highest level since Oct 2019. Apple has cut its revenue guidance for the second quarter due to the outbreak of coronavirus. The demand for safe-haven assets is supporting the US dollar at lower levels.
Technically, the pair is holding above strong resistance at 0.9800 and a jump till 0.9845/0.9870 likely. On the flip side, near-term support is at 0.9770 (55- 4H EMA) and the break beneath will drag the pair to the next level till 0.97174/0.9670/0.96130/0.9545.
It is good to buy on dips around 0.9788-90 with SL around 0.9750 for the TP of 0.9875.
