Ichimoku analysis (1-Hour chart)
Tenken-Sen- 0.89757
Kijun-Sen- 0.89646
USDCHF is trading flat after hitting a low of 0.89308. The intraday bias is still neutral as long as support 0.89290 holds. The pair has halted its six weeks of the bullish trend and shown a minor pullback. The board-based US dollar weakness on dovish Fed member comments despite a surge in inflation. The minor jump in the US 10- year yield from yesterday's low is preventing the pair from further selling. The long-term trend is still on the downside as long as resistance 0.94725 holds.
Intraday day outlook:
Trend- Neutral
The pair is holding above 1- Hour Kijun-Sen, cloud, and slightly below Tenken-Sen. The near-term support is around 0.8929. Any breach past 0.8929 will take the pair to next level to 0.8900/0.8870/0.8835. On the higher side, near-term resistance is around 0.9000. Any jump above that level targets 0.9046/0.9075.
Indicator (1-Hour chart)
CAM indicator – Neutral
Directional movement index – Neutral
It is good to sell on rallies around 0.8970 with SL around 0.9010 for a TP of 0.8900.
