Ichimoku analysis (Hourly chart)
Tenken-Sen- 0.89608
Kijun-Sen- 0.89738
USDCHF is trading slightly lower after hitting a high of 0.89954. The broad-based US dollar selling on upbeat market sentiment is putting pressure on this pair at higher levels. The US 10- year yield hits a multi-year high at 1.32% is preventing the dollar from the further downside. The number of people who have filed for unemployment benefits rose to 861000 in the week ended Feb 13 compared to a forecast of 775K. US building permits rose by 10% while housing starts plunged by 6%. Markets eye flash manufacturing sales and existing home sales for further direction.
The near-term resistance at 0.9000; any convincing violation above will take to the next level till 0.9045. Significant trend reversal only above 0.90450. A jump till 0.910/0.9150 likely.
On the lower side, significant support stands at 0.8890, any indicative break below targets 0.88380/0.8800/0.8750.
Indicator (1-hour chart)
CAM indicator – Bearish
Directional movement index – Bearish
It is good to buy on dips around 0.8965 with SL around 0.8920 for a TP of 0.9040.
