Ichimoku analysis (Hourly chart)
Tenken-Sen- 0.89730
Kijun-Sen- 0.89849
USDCHF is retreating after hitting a multi-month high 0.90440 level. The pair is still in a bullish trend as long as 0.8925 (resistance turned into support) holds. The upbeat market sentiment and hopes of more fiscal stimulus have decreased for Safe-haven assets like the Swiss franc. DXY is trading well below 91 levels; any violation below 90 confirms a bearish continuation. With no major data in focus today, markets eye US CPI and Fed chairman Powell speech tomorrow for further direction.
The near-term resistance at 0.9050; any convincing violation above will take to the next level till 0.9080/0.91480.
On the lower side, significant support stands at 0.8925, any indicative break below targets 0.8870/0.8840/0.8800.
Indicator (1-hour chart)
CAM indicator – Bearish
Directional movement index – Bearish
It is good to buy on dips around 0.8925 with SL around 0.8870 for a TP of 0.9050.
