Ichimoku analysis (4-Hour chart)
Tenken-Sen- 0.89867
Kijun-Sen- 0.89700
USDCHF is trading in a narrow range between 0.90530 and 0.89262 for the past ten days. Markets eye Fed monetary policy for further direction. The Fed is expected to keep interest rates unchanged and a new dot plot likely to show a rate hike in 2023. The short-term trend is still on the downside as long as resistance 0.9055. With no follow-through buying US dollar index is struggling to close above 90.50. 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 4- Hour Kijun-Sen and slightly below 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 – Neutral
Directional movement index – Neutral
It is good to stay away from the market.
