Ichimoku analysis (4-hour chart)
Tenken-Sen- 0.92665
Kijun-Sen- 0.93345
USDCHF is trading weak for the past one week and lost more than 200 pips on broad-based US dollar selling. The dovish FOMC meeting minutes and minor sell-off in US yield are dragging the US dollar. The intraday trend is still on the bearish side as long as resistance 0.9370 holds. DXY recovered slightly from a low of 92.02. Significant weakness only if it breaks below 91.80. USDCHF hits an intraday low of 0.9231 and is currently trading around 0.92495. The number of people filed for unemployment benefits rose 744K last week compared to a forecast of 682K.
The pair is facing significant resistance at 0.9280 (200-4H MA); any jump above this confirms intraday bullishness. A jump till 0.9300/0.9370/0.9435 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 0.920, 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 – Slightly bullish
Directional movement index – bearish
It is good to sell on rallies around 0.93000 with SL around 0.9360 for a TP of 0.9150.
