Ichimoku Analysis (4-Hour chart)
Tenken-Sen- 0.96124
Kijun-Sen- 0.96118
USDCHF is trading in a narrow range between 0.95735 and 0.96478 for the past 3 trading days. Overall is still in a downtrend as long as resistance 0.96650 holds. The decline was mainly due to broad-based US dollar selling. DXY is trading below 100-W MA and this confirms significant weakness, a dip till 96.40 likely.
The number of people filed for unemployment benefits rose to 1.87 million last week, slightly worse than the forecast of 1.80 million.
The near term minor resistance is at 0.9645 (55- 4H EMA), 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 0.9605-08 with SL around 0.9650 for the TP of 0.9505.
