Ichimoku analysis (4-Hour chart)
Tenken-Sen- 0.91687
Kijun-Sen- 0.91140
USDCHF is trading weak for a third consecutive week and hits the highest level since Nov 2020. The surge in US bond yield in hopes of an increase in inflation due to economic recovery. The number of private jobs added by 117000 in Feb compared to a forecast of 203k. The US SIM services came at 55.3 in Feb vs an estimate of 58.70. The overall trend is still bullish as long as support 0.9070 holds. DXY is holding above 91 levels, any violation above 91.60 confirms further bullishness. The pair hits an intraday high of 0.92053 and is currently trading around 0.92046.
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 0.91510, any indicative break below targets 0.9100/0.9080/0.9030.
Indicator (4 Hour chart)
CAM indicator – bullish
Directional movement index – Bullish
It is good to buy on dips around 0.9178-80 with SL around 0.9140 for a TP of 0.9300.
