Ichimoku Analysis (4-hour chart)
Tenken-Sen- 0.90388
Kijun-Sen- 0.90664
USDCHF continues to trade lower for 4th consecutive and lost more than 700 pips. The decline was mainly due to broad-based US dollar selling. US dollar index declined sharply and trading at a 2-year low. The demand for safe-haven assets like Swiss franc has increased on the US-China trade war and the second wave of coronavirus.
The pair is trading well below Tenken-Sen and Kijun-Sen, any convincing break below 0.9020 confirms bearish continuation. A dip till 0.9000/0.8945 is possible. The near-term resistance is around 0.9070 and any break above targets 0.91150/0.9130. The decline from 0.9900 will get completed at 0.9050 only if it breaks 0.9250.
It is good to sell on rallies around 0.90325-35 with SL around 0.9070 for the TP of 0.8940.
