FxWirePro- USDCHF Daily Outlook

Ichimoku analysis (4-hour chart)

 Tenken-Sen- 0.92219

Kijun-Sen- 0.93008

USDCHF is trading weak for the past 3 weeks on broad-based US dollar selling. The dollar index is trading weak despite a slight uptick in US bond yields. The optimistic market mood due to coronavirus vaccine rollout in major countries has decreased demand for safe-haven assets. US 10-year yield surged more than 5.5% from a minor low of 1.53%. DXY is trading below 91 levels, a dip till 90.60 likely. USDCHF hits an intraday low of 0.91289 and is currently trading around 0.91487.

The pair is facing significant resistance at 0.9185 (200-day EMA); any jump above this confirms intraday bullishness.  A jump to 0.92250/0.9240/0.92600/0.9300 likely. Significant bullish continuation only if it breaks 0.93700. On the lower side, significant support stands at 0.9095 (200- day MA), any indicative break below targets 0.90540/0.9000.

Ichimoku Analysis- The pair is trading below daily Kijun-Sen, Tenken-Sen, and cloud. Major weakness only if it breaks 0.9095.

Indicator (Daily chart)

CAM indicator – Bearish               

Directional movement index – Bearish

It is good to sell on rallies around 0.91580-60 with SL around 0.9200 for a TP of 0.9056.