Ichimoku analysis (4 Hour chart)
Tenken-Sen- 0.91365
Kijun-Sen- 0.91758
June month high– 0.92750
The pair was one of the worst performers in the past three days and lost more than 100 pips. The weak economic data and sell-off in US treasury yields are putting pressure on the US dollar. The New York Fed empire state manufacturing declined in August to 18.30 compared to a forecast of 28.90. The US 10-year yield. At the time of writing, USDCHF is hovering around 0.91163 down 0.06%.
Trend- Bearish
The near-term support is around 0.9100, any breach below targets 0.9070/0.9050. Bearish trend continuation only if it breaks 0.8925. On the higher side, immediate resistance is around 0.9150. Any convincing breach above will take to the next level0.9180/0.9240/0.92750.
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Indicator (4-Hour chart)
CAM indicator –Bearish
Directional movement index –Neutral
It is good to sell on rallies around 0.9118-20 with SL around 0.9150 for a TP of 0.9050.
