Ichimoku analysis (4-Hour chart)
Tenken-Sen- 0.89961
Kijun-Sen- 0.89800
USDCHF is consolidating in a narrow range between 0.90297 and 0.89307 for the past five days. The pair is struggling to hold above 0.9000 levels. The intraday trend is still bearish as long as resistance 0.9045 holds. The board-based US dollar selling is putting pressure on this pair at higher levels. The US 10- year yield declined more than 2.5% from a Friday high of 1.623%. The long-term trend is still on the downside as long as resistance 0.94725 holds.
Intraday day outlook:
Trend- Bearish
The pair is holding above 4- Hour Kijun-Sen, Tenken-Sen, and cloud. The near-term support is around 0.8980. Any indicative break below 0.8980 will take the pair to next level to 0.8920/0.8900/0.8870/0.8835. On the higher side, near-term resistance is around 0.9045. Any breach above targets 0.9075/0.9095/0.9150.
Indicator (4-Hour chart)
CAM indicator – Bullish
Directional movement index – bullish
It is good to buy on dips around 0.9000 with SL around 0.8960 for a TP of 0.9148.
