FxWirePro: Sell USDCHF on rallies

Ichimoku Analysis (Weekly chart)

Tenken-Sen- 0.91474  

Kijun-Sen- 0.94007

USDCHF continues to trade weak for 2nd consecutive week and lost more than 150 pips on broad-base US dollar selling. The discharge of Trump from the hospital and hopes of US fiscal stimulus is putting pressure on the US dollar index at higher levels. DXY has shown a minor pullback from a low of 93.34. Any break below 93.21 confirms bearish continuation and a dip till 92.60 is likely. Markets eye US trade balance and Fed Chairman Powell speech for further direction. The pair hits an intraday low of 0.91375 and is currently trading around 0.91452.

The pair is significant resistance around 0.91755, any indicative break above targets 0.9200/ 0.9250. Significant buying only above 0.9300. The near-term support is around 0.91350, any break below will drag the pair down till 0.9100/0.9050.

It is good to sell on rallies around 0.9178-80 with SL around 0.92150 for the TP of 0.9050.