FxWirePro: Sell USDCHF on rallies

Ichimoku Analysis (Weekly chart)

Tenken-Sen- 0.95880

Kijun-Sen- 0.95420

USDCHF continues to trade lower after a minor jump till 0.95270 the previous week. Short term trend is weak as long as resistance 0.95500 holds. It hits an intraday high of 0.94812 and is currently trading around 0.94601. The increase in demand for Safe-haven assets due to fear of the second wave of the corona is supporting Swiss franc.

Short term:

In the weekly chart, the pair is holding well below Tenken-Sen and Kijun-Sen. It confirms minor weakness, a dip till 0.9420/0.9370. Significant weakness only below 0.9370

The pair is facing primary resistance at 0.9650, a firm break above will confirm minor bullish continuation. A jump till 0.97363/0.9800. 

Intraday

On the higher side, significant resistance is at 0.95550, and the break below will take the pair to the next level till 0.9600/0.9640.

It is good to sell on rallies around 0.9478-80 with SL around 0.9520 for the TP of 0.9370.