Ichimoku analysis (4-hour chart)
Tenken-Sen- 0.93491
Kijun-Sen- 0.93875
USDCHF has taken support near 200- 4H MA and shown a minor recovery. The overall trend is still on the bearish side as long as resistance 0.94725 holds. The FOMC meeting minutes confirm that the Fed will continue its accommodative policy stance until inflation and employment targets are achieved. The slight weakness in the US 10-year bond yield also putting pressure on the US dollar. DXY recovered slightly from a low of 92.13. Significant weakness only if it breaks below 91.80. USDCHF hits an intraday low of 0.93023 and is currently trading around 0.92841.
The pair is facing significant resistance at 0.9360 (support turned into resistance); any jump above this confirms intraday bullishness. A jump till 0.9405/0.9435/0.94750 likely. The decline from 1.0223 got completed at 0.875 only if it breaks 0.9475. On the lower side, significant support stands at 0.9260, any indicative break below targets 0.9200/0.9100.
Ichimoku Analysis- The pair is trading below 4-hour Kijun-Sen, Tenken-Sen, and cloud. Minor weakness only if it breaks 0.9260.
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.
