Ichimoku analysis (Daily chart)
Tenken-Sen- 0.90350
Kijun-Sen- 0.90027
USDCHF is trading extremely higher and holding well above 200-day MA. The surge in US bond yield is supporting the pair at lower levels. US ISM manufacturing index came at 60.8% in Feb up by 2.1 percentage points from Jan 58.7%, slightly better than the forecast of 58.7%. The pair hits an intraday high of 0.91783 and is currently trading around 0.91738.
The near-term resistance at 0.9200; any convincing violation above will take to the next level till 0.9290/0.9365. Significant trend reversal only above 0.9300.
On the lower side, significant support stands at 0.9120, any indicative break below targets 0.9070/0.9050/0.9020/0.8978.
Indicator (Daily chart)
CAM indicator – bullish
Directional movement index – Bullish
It is good to buy on dips around 0.9128-30 with SL around 0.9070 for a TP of 0.9300.
