Ichimoku Analysis (4-Hour chart)
Tenken-Sen- 0.96104
Kijun-Sen- 0.9646
USDCHF has declined once again after a minor jump above Kijun-Sen 0.96461. The decline was mainly due to broad-based US dollar selling. DXY continues to trade weak and any violation below 97.25 confirms major weakness.
US ISM services index has ticked higher to 45.40 in May from 41.8 previous months. The US economy has lost 2.76 million private jobs in May compared to a forecast of -9 million.
The near term minor resistance is at 0.9650, any break above targets 0.9700/0.9720/0.9780. Minor bearish reversal can happen only above 0.98027 (Apr 24th, 2020 high) and surge past that level will reach 0.9900.
The pair is struggling to close below 0.9580 levels. Any break beyond 0.95735 confirms further weakness. A dip till 0.9535/0.9500 is likely.
It is good to sell on rallies around 0.9628-30 with SL around 0.9665 for the TP of 0.9535.
