Ichimoku analysis (4-Hour chart)
Tenken-Sen- 0.8837
Kijun-Sen- 0.8852
USDCHF trades in a narrow range between 0.89204 and 0.88495 for the past seven days. Short term trend is neutral as long as resistance 0.8920 holds. One-month risk reversal on USDCHF, a gauge of calls to put jumped from -1.175 to -0.25. It implies a decline in demand for put options on USD/CHF. Any decisive break of 0.8919 confirms minor bottom formed at 0.8756.
The dip in the US dollar index is putting pressure on this pair at higher levels.
The near term resistance at 0.8920; any convincing violation above will take to the next level till 0.89408 (55- day EMA)/0.9000.
On the lower side, significant support stands at 0.8880, any indicative break below targets 0.8855/0.8800/0.8750.
It is good to buy on dips around 0.8870 with SL around 0.88280 for a TP of 0.9000.


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