Ichimoku analysis (4-hour chart)
Tenken-Sen- 0.91130
Kijun-Sen- 0.90930
Previous week high– 0.91566
The pair is trading higher for a second consecutive week and jumped more than 150 pips on board-based US dollar buying. The upbeat US jobs data is supporting the US dollar index. The US economy has added 943000 jobs in Jul compared to an estimated 870000. While unemployment came at 5.4% vs the forecast 5.7%.The average hourly earnings jumped to 0.4% above the forecast of 0.3%. The US dollar gained and holding well above92.50 level. At the time of writing, USDCHF is hovering around 0.91632, up 0.3%.
Trend- Bullish
The near-term support is around 0.9130, any breach below targets 0.91150/0.90770/0.0.9050. A violation below 0.8925 confirms that a minor top formed around 0.92750. A dip to 0.8742 is likely. On the higher side, immediate resistance is around 0.91650. Any convincing breach above will take to the next level 0.9185/0.9238/0.92750.
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Indicator (4 Hour chart)
CAM indicator –Bullish
Directional movement index –Bullish
It is good to buy on dips around 0.9158-60 with SL around 0.91150 for TP of 0.92750.
