FxWirePro- USDCHF Daily Outlook

Ichimoku analysis (1-Hour chart)

 Tenken-Sen- 0.91269

Kijun-Sen- 0.91210

USDCHF is trading higher and broken 0.91500 after a long consolidation. The intraday trend is bullish as long as 0.9120 holds. The broad-based US dollar buying is supporting prices at lower levels. The US ISM manufacturing index came at 60.7 for Apr slightly lowered compared to the forecast of 65%. The US dollar index jumped sharply after hitting a minor bottom around 90.86.  Any violation above 91.50 confirms minor bullishness. The long-term trend is still on the downside as long as resistance 0.94725 holds.

Intraday day outlook:

Trend- Bullish

On the higher side, any close above 0.91500 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 (Hourly chart)

CAM indicator – Bullish

Directional movement index – Bullish 

It is good to buy on dips around 0.91225-50 with SL around 0.9080 for a TP of 0.9220.