Chart pattern formed- Bearish engulfing pattern
Ichimoku Analysis (4-hour chart)
Tenken-Sen- 0.91784
Kijun-Sen- 0.91489
USDCHF has halted its 2- weeks of the bullish trend and shown a minor decline. The broad-based buying in the US dollar due to the raise in coronavirus cases across the world. Markets eye US flash manufacturing PMI data which is to be released today for further direction. The pair hits an intraday high of 0.92226 and is currently trading around 0.91961.
The pair is trading slightly lower and any violation above 0.9245 confirms bullish continuation. A jump till 0.9300/0.9365 likely. The near-term support is around 0.9180, any break below will drag the pair down till 0.9130/0.9070/0.9050. 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 0.9200-030 with SL around 0.9250 for the TP of 0.9100/0.9055.
