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Ichimoku analysis (Daily chart)
Tenken-Sen- 0.92033
Kijun-Sen- 0.91005
Previous week High– 0.92676
Previous week low- 0.91330
The pair has shown a minor recovery after hitting a low of 0.91319. The overall trend is still bearish as long as resistance 0.92750 holds. The surge in the corona delta variant has increased demand for safe-haven assets like Yen and Swiss franc. Markets eye US CPI data today for further direction. The US 10-year yield trades steadily ahead of the US inflation report.
Trend- Bearish
The near-term support is around 0.91219, the breach below will take the pair to 0.9059/0.9000. On the higher side, immediate resistance is around 0.9180. Any convincing breach above targets 0.9238/0.92750.
Indicator (1 Hour chart)
CAM indicator – Neutral
Directional movement index –Neutral
It is good to sell on rallies around 0.91580-60 with SL around 0.9210 for a TP of 0.9050.
