Ichimoku analysis (4-Hour chart)
Tenken-Sen- 0.89929
Kijun-Sen- 0.89884
USDCHF is consolidating in a narrow range for the past week. With no follow-through buying the pair is struggling to hold above 0.9000. Markets eye US ADP employment, US ISM services PMI for direction. The US dollar index is trading above 90 levels. Any breach above 90.50 confirms a bullish continuation. 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 Tenken-Sen and Kijun-Sen. The near-term support is around 0.8960. Any indicative break below 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 0.9030. Any breach above targets 0.9045/0.9075/0.9095/0.9150.
Indicator (4-Hour chart)
CAM indicator – Neutral
Directional movement index – Neutral
It is good to buy above 0.9030 with SL around 0.8990 for a TP of 0.9100.
