Ichimoku analysis (4-hour chart)
Tenken-Sen- 0.93491
Kijun-Sen- 0.93875
USDCHF continues to trade lower for fourth consecutive days and lost more than 150 pips on broad-based US dollar selling. DXY is holding below 93 levels ahead of FOMC meeting minutes. It has broken significant support at 92.40 (200- day MA). The slight weakness in the US bond yield is dragging the US dollar down. The US 10-year bond yield lost more than 8% from a low of 1.77%. Market eyes US FOMC meeting minutes for further direction. USDCHF hits an intraday low of 0.92890 and is currently trading around 0.93039.
The pair is facing significant resistance at 0.9370; a violation above this confirms intraday bullishness. A jump till 0.9405/0.9435/0.94750 likely. Significant trend continuation only if it breaks 0.9475. On the lower side, significant support stands at 0.9280, any indicative break below targets 0.92550/0.9200.
Ichimoku Analysis- The pair is trading below 4-hour Kijun-Sen, Tenken-Sen, and cloud. Minor weakness only if it breaks 0.9280.
Indicator (4-hour chart)
CAM indicator – Bearish
Directional movement index – bearish
It is good to sell on rallies around 0.9368-70 with SL around 0.9420 for a TP of 0.9260.
