Ichimoku analysis (4-hour chart)
Tenken-Sen- 0.94197
Kijun-Sen- 0.94234
USDCHF has lost nearly 70 pips from a high of 0.94726 on minor weakness in the US dollar. The pair was one of the best performers in the past seven weeks and surged more than 500 pips on broad-based US dollar buying. The upbeat US economic data and vaccine rollout in the U.S is supporting the US dollar at lower levels. US Nonfarm payroll increased by 916K in Mar compared to a forecast of 652K. The unemployment rate came unchanged at 6.0% vs an estimate of 6.0%. Average hourly earnings showed a decline of 0.1% vs an estimate of 0.1%. The US 10-year bond yield is trading slightly weak after forming a minor top around 1.774%. USDCHF hits an intraday high of 0.94497 and is currently trading around 0.94178. Markets eye US ISM services PMI index for further direction.
The pair is facing significant resistance at 0.94725; a violation above this confirms further bullishness. A jump till 0.9500/0.9520. On the lower side, significant support stands at 0.9370, any indicative break below targets 0.9300/0.9260/0.9200.
Ichimoku Analysis- The pair is trading above 4-hour Kijun-Sen, Tenken-Sen, and cloud. Minor weakness only if it breaks 0.9370.
Indicator (4-hour chart)
CAM indicator – Bullish
Directional movement index – Bullish
It is good to buy on dips around 0.9408-10 with SL around 0.9360 for a TP of 0.95000.
