Ichimoku analysis (4-Hour chart)
Tenken-Sen- 0.90179
Kijun-Sen- 0.90003
USDCHF continues to trade in a narrow range between 0.8945 and 0.90515. The pair declined after a minor pullback above 0.9000. The US 10-year bond yield is trading weak for the third consecutive day and lost more than 5%. The surge in inflation and hopes of the Fed's bond-buying taper is supporting the US dollar at lower levels. The US dollar index is holding above 90 levels, a jump till 90.60 is possible. 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 below 4- Hourly Tenken-Sen, Kijun-Sen, and cloud. The near-term support is around 0.8960. Any indicative break below will take the pair to next level to 0.8920. On the higher side, near-term resistance is around 0.9030. Any convincing breach above targets 0.9055/0.9075/0.9095/0.9150.
Indicator (4-Hour chart)
RSI – Bearish
Directional movement index – Neutral
It is good to stay away from the pair as long as holding below 0.9050.
