Ichimoku analysis (Daily chart)
Tenken-Sen- 0.90636
Kijun-Sen- 0.90260
USDCHF has once again recovered after a minor decline below 200- day MA. The overall trend is still bullish as long as support 0.9070 holds. The jump in US bond yield and risk aversion is supporting the pair at lower levels. DXY formed a minor top around 91.39 and declined to 90.67. Market eyes US ADP employment and ISM Services PMI for further direction. The pair hits an intraday low of 0.91403 and is currently trading around 0.91691.
The near-term resistance at 0.92181; any convincing violation above will take to the next level till 0.9290/0.9320/0.9365. Significant trend reversal only above 0.9300.
On the lower side, significant support stands at 0.9140, 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.
