Ichimoku analysis (Hourly chart)
Tenken-Sen- 0.90463
Kijun-Sen- 0.90311
USDCHF has shown a minor recovery to 0.90585 and lost nearly 20 pips on broad-based US dollar selling. DXY has shown a minor pullback till 91.41 and started to decline. Any violation below 90 confirms a bearish continuation. A dip till 89.60/89.20 likely. Markets eye US CPI for further direction. The recovery in US bond yield is preventing USDCHF from further selling. The US 10-year bond yield surged more than 10% from minor bottom 1.48%. The intraday trend of USDCHF is still lower as long as resistance 0.9075 intact. The long-term trend is still on the downside as long as resistance 0.94725 holds.
Intraday day outlook:
Trend- Bullish
The pair is holding above 100-H MA, Tenken-Sen and Kijun-Sen. The pair should break above 0.9075 for further bullishness. Any jump above 0.90750 will take the pair to next level to 0.9090/0.9120/0.9165. On the lower side, near-term support is around 0.8980. Any dip below that level targets 0.8870/0.8830/0.8750.
Indicator (Hourly chart)
CAM indicator – Neutral
Directional movement index – Neutral
It is good to sell on rallies around 0.9048-50 with SL around 0.9090 for a TP of 0.0.8850.
