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FxWirePro- USDCHF Daily Outlook

Ichimoku analysis (4-Hour chart)

 

 Tenken-Sen- 0.92450   

 

Kijun-Sen- 0.92341

Previous week High– 0.92748

 

Today's Low- 0.9190

 

The pair has declined sharply after a minor pullback to 0.92675 despite dovish FOMC minutes. The minutes of the Fed reflect more optimism over US economic recovery. The Fed has not given any timeline for the scale-back QE program due to the uncertainty. The intraday bias is bearish as long as resistance 0.92750 holds. 

Trend- Bearish

The near-term support is around 0.9190, breach below will take the pair to 0.9125/0.9090. On the higher side, immediate resistance is around 0.92750. Any convincing breach above targets 0.9300/0.9365.

 

Indicator (4 Hour chart)

 

CAM indicator – Slightly bullish 

 

Directional movement index –Neutral

 

It is good to sell on rallies around 0.92180-220 with SL around 0.92750 for a TP of 0.9050.

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