Ichimoku Analysis (Daily Outlook)
Tenken-Sen- 0.96749
Kijun-Sen- 0.95420
USDCHF continues to trade higher for 6th consecutive days and jumped more than 250 pips. The jump was mainly due to broad-based US dollar buying. DXY recovered nearly 250 pips from a low of 98.27 despite weak US jobs data. US economy has lost 701000 jobs in Mar compared to the forecast of 100000, while the unemployment rate jumped to 4.4% vs 3.8%. It hits a high of 100.85 and is currently trading around 100.69.
Technically, immediate support is at 0.9740 and any indicative break targets 0.9690/0.9660. On the higher side, immediate resistance is around 0.9800 and the violation above will take the pair till 0.9845. Major trend reversal only if it breaks 0.9845.
It is good to buy on dips around 0.9748-50 with SL around 0.9700 for the TP of 0.9840.
