Ichimoku analysis (Hourly chart)
Tenken-Sen- 0.90686
Kijun-Sen- 0.90141
USDCHF is trading slightly lower after hitting a high of 0.90947. The board-based US dollar selling due to upbeat market sentiment. The US dollar index holds below 90 levels despite the surging bond yield. US Q4 GDP surged to 4.1% compared to a forecast of 4.2%. The number of people who have filed for unemployment benefits declined to 730k in the week ended Feb 20th vs an estimate of 828k.
The near-term resistance at 0.9090; any convincing violation above will take to the next level till 0.9140/0.9170/0.9200. Significant trend reversal only above 0.90450.
On the lower side, significant support stands at 0.9025, any indicative break below targets 0..9000/0.89770/0.8930.
Indicator (1-hour chart)
CAM indicator – Neutral
Directional movement index – Bullish
It is good to sell on rallies around 0.9058-60 with SL around 0.9090 for a TP of 0.8978.
