Ichimoku Analysis (4-hour chart)
Tenken-Sen- 0.90971
Kijun-Sen- 0.91113
USDCHF has recovered slightly from a low of 0.90681 on risk appetite. The easing US and China trade war and COVID-19 vaccine have decreased demand for safe-haven like Swiss franc and yen. The US economic data came mixed with New home sales that jumped to the highest level since 2006. The conference board consumer confidence came at 84.80 in Aug compared to an estimate of 93.
The pair is still in a downtrend, any break above 0.9197 (Aug 12th high) confirms bullish continuation. A jump till 0.9240/0.93625 is possible. The near-term support is around 0.9050, any break below targets 0.9020/0.8940. 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 0.9138-40 with SL around 0.9200 for the TP of 0.9020.
