Ichimoku analysis (4-Hour chart)
Tenken-Sen- 0.89667
Kijun-Sen- 0.89634
USDCHF has formed a double bottom around 0.89200 and shown a nice recovery. The pair is struggling to close above 0.9000 for the past four days. The upbeat US Inflation is supporting the US dollar at lower levels. The dollar index is holding above 90 levels, minor bullishness only if it breaks above 90.60. The long-term trend is still on the downside as long as resistance 0.94725 holds.
Intraday day outlook:
Trend- Bullish
The pair is holding above 4- Hour Kijun-Sen, cloud, and Tenken-Sen. The near-term support is around 0.8920. Any indicative break below will take the pair to next level to 0.8860/0.8800. On the higher side, near-term resistance is around 0.9000. Any convincing breach above targets 0.9030/0.9055. Significant buying will happen only if it breaks 0.9055.
Indicator (4-Hour chart)
CAM indicator – Bullish
Directional movement index – Bullish
It is good to buy on dips around 0.8960 with SL around 0.8920 for a TP of 0.9055.
