FxWirePro- USDCHF Daily Outlook

Ichimoku analysis (4-Hour chart)

 Tenken-Sen- 0.91662

Kijun-Sen- 0.91778

USDCHF is consolidating in a narrow range between 0.92368 and 0.91420 for the past week.  The US dollar has shown a nice recovery after upbeat PCE data. It has surged to 3.1% y/y vs. a forecast of 2.9%. The monthly core Personal consumption came at 0.7%, above the estimate of 0.6%. DXY took support near 200-H MA and shown a minor jump. Any close above 92 levels confirms further bullishness.  The pair hits an intraday low of 0.91905 and is currently trading around 0.91842.

Trend- Bullish

The pair is holding above  4-hour Tenken-Sen, and above the cloud, Kijun-Sen. The near-term resistance is around 0.92370. Any indicative break above 0.92620 confirms that short term bottom has formed at 0.89340. A jump till 0.9300/0.9360 is possible. On the lower side, near-term support is around 0.9140. Any convincing breach below targets 0.9080/0.9050/0.9000. Significant selling will happen only if it breaks 0.8920.

Indicator (4-Hour chart)

CAM indicator – Slightly bullish

Directional movement index –Neutral 

It is good to sell on rallies around 0.91825-50 with SL around 0.9237 for a TP of  0.9060.