Ichimoku Analysis (4-Hour chart)
Tenken-Sen- 0.94826
Kijun-Sen- 0.94265
USDCHF showed a massive recovery of more than 350 pips after a sell-off of 650 pips. The decline due to the outbreak of coronavirus has increased demand for a safe-haven asset like yen, gold. The pair hits high of 0.95694 and is currently trading around 0.94468.
Technically, immediate resistance is at 0.9500 and any violation above targets 0.9570. Minor trend reversal only above 0.9570.
On the flip side, near term support is at 0.9380 and indicative break below will drag the pair down till 0.9320/0.9280.
It is good to sell on rallies around 0.9508-10 with SL around 0.9565 for the TP of 0.9300.
