FxWirePro- USDCHF Daily Outlook

Ichimoku analysis (4-hour chart)

 Tenken-Sen- 0.92219

Kijun-Sen- 0.93008

USDCHF has shown a minor recovery of more than 50 pips on slight strength in the US dollar. USDCHF was one of the worst performers this month and lost more than 300 pips on broad-based US dollar selling. The minor sell-off in US bond yield also putting pressure on this pair. The new lockdown restrictions across the world and the surge in coronavirus vaccine are supporting the US dollar at lower levels.DXY has jumped more than 50 pips from a low of 90.85. USDCHF hits an intraday high of 0.91821 and is currently trading around 0.91826.

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 0.91250, any indicative break below targets 0.9095 (200-day MA)/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 0.9178-80 with SL around 0.9220 for a TP of 0.9095.