FxWirePro- USDCHF Daily Outlook

Ichimoku analysis (1-Hour chart)

 Tenken-Sen- 0.89815

Kijun-Sen- 0.89848

USDCHF is consolidating in a narrow range between 0.89308 and 0.90033 for the past three days. With no follow-through buying markets eye US PCE data for further directions.  The US first-quarter GDP came unchanged at 6.4% slightly less than the forecast of 6.5%. US Durable goods orders came down by 1.3% below the estimated 0.8%. The number of people who have filed for unemployment benefits dropped to 406000 last week. The intraday bias is still neutral as long as support 0.89290 holds. The minor pullback in the US 10- year yield from yesterday's low is supporting the pair at lower levels. 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.