Ichimoku analysis (Daily chart)
Tenken-Sen- 0.90570
Kijun-Sen- 0.90570
USDCHF continues to trade higher and surged more than 200 pips on board-based US dollar buying. The trend of the US dollar got changed after the hawkish Fed. The Fed has signaled a rise in inflation and dot plot projected to have two rate hikes in 2023. The US 10-year bond yield declined more than 7.5% after a surge to 1.594%. The pair is holding well above 0.9150 level and hits an intraday high of 0.91936.
Intraday day outlook:
Trend- Bullish
The pair is holding above daily Kijun-Sen, Tenken-Sen, and below the cloud. The near-term resistance is around 0.9200. Any indicative break above will take the pair to next level to 0.9260/0.9300/. On the lower side, near-term support is around 0.9080. Any convincing breach above targets 0.9050/0.9000. Significant selling will happen only if it breaks 0.8920.
Indicator (Daily chart)
CAM indicator – Bullish
Directional movement index –Bullish
It is good to buy on dips around 0.9120 with SL around 0.9070 for TP of 0.9260.
