Ichimoku analysis (4-hour chart)
Tenken-Sen- 0.93128
Kijun-Sen- 0.93298
USDCHF is consolidating after hitting a low of 0.91840. The pair was one of its worst performers for the past two weeks and lost more than 250 pips on broad-based US dollar selling. The slight weakness in US bond yields is also putting pressure on the US dollar. US retail sales data surged to 9.8% in Mar compared to a forecast of 5.8%. The number of people who have filed for unemployment benefits declined to 576k in the previous week compared to an estimate of 703K. Markets eye US retail sales, jobless claims, and Philly Fed manufacturing index. The overall trend is bearish as long as resistance 0.9370 holds. USDCHF hits an intraday low of 0.92189 and is currently trading around 0.92198.
The pair is facing significant resistance at 0.9240; any jump above this confirms intraday bullishness. A jump to 0.92850/0.9325/0.9370 likely. Significant bullish continuation only if it breaks 0.94725. On the lower side, significant support stands at 0.9180, any indicative break below targets 0.91497/0.9100.
Ichimoku Analysis- The pair is trading below 4-hour Kijun-Sen, Tenken-Sen, and cloud. Minor weakness only if it breaks 0.9180.
Indicator (4-hour chart)
CAM indicator – Neutral
Directional movement index – Bearish
It is good to sell on rallies around 0.9220 with SL around 0.9260 for a TP of 0.9100.
