FxWirePro- USDCHF Daily Outlook

Ichimoku analysis (1-hour chart)

 Tenken-Sen- 0.93873

Kijun-Sen- 0.93940

USDCHF has halted its one week of the bullish trend and shown a minor profit booking. The pair was one of the best performers in the past week and surged nearly 200 pips on broad-based US dollar buying. The upbeat US economic data and successful vaccine rollout is supporting the US dollar. The SNB statement about currency intervention in the monetary policy statement is putting pressure on the Swiss franc against all majors. US annual core PCE price index came at +1.4% in Mar compared to a forecast of 1.5%.  The DXY is holding well above 200- day EMA. A jump to 93.25/93.60 is possible. USDCHF hits an intraday low of 0.93705 and is currently trading around 0.93800.

The pair is facing significant resistance at 0.9420; a jump above this confirms trend continuation. A jump till 0.94502 (161.8% fib)/0.94715/0.9500. On the lower side, significant support stands at 0.9350, any indicative break below targets 0.9300/0.9260/0.9200.

Ichimoku Analysis- The pair is trading below hourly Kijun-Sen, Tenken-Sen, and cloud. Minor weakness only if it breaks 0.9350.

Indicator (1-hour chart)

CAM indicator – Bearish

Directional movement index – Bearish

It is good to buy on dips around 0.9378-80 with SL around 0.9340 for a TP of 0.95000