Ichimoku analysis (Daily chart)
Tenken-Sen- 0.91110
Kijun-Sen- 0.91308
USDCHF recovered slightly after hitting a low of 0.9080. The broad-based US dollar buying is supporting the pair at lower levels. US personal income jumped to 21.1% compared to a forecast of 20.1%. The personal consumption expenditure rose 0.4% in Mar vs forecast of 0.3%. Markets eye US ISM manufacturing for further direction. The US dollar index jumped sharply after hitting a fresh two-month low. Any violation above 91.50 confirms minor bullishness. The intraday trend is bearish as long as resistance 0.9155 holds. The long-term trend is still on the downside as long as resistance 0.94725 holds.
Intraday day outlook:
Trend- Bearish
On the higher side, any close above 0.91550 (trend line resistance) will pave the way for the pair to reach 0.9185/0.9220. The pair is facing significant support at 0.9120; any breach below will take the pair to 0.9080/0.9050/0.9020. Minor trend continuation only if it closes above 0.92050.
Ichimoku Analysis- The pair is trading slightly below 4- hour Kijun-Sen and cloud. Major bearishness only if it breaks 0.9080.
Indicator (Daily chart)
CAM indicator – Neutral
Directional movement index – Neutral
It is good to sell on rallies around 0.91225-50 with SL around 0.9185 for a TP of 0.9000.
