Ichimoku analysis (4 Hour chart)
Tenken-Sen- 0.91265
Kijun-Sen- 0.91698
June month high– 0.92750
The pair has shown a minor pullback above 100-day MA on board-based US dollar buying. The US dollar index surged more than 50 pips despite weak US retail sales. It has dropped 1.1% in July compared to a forecast of -0.2%. Markets eye US Fed meeting minutes for further direction. At the time of writing, USDCHF is hovering around 0.91401 up 0.05%.
Trend- Bearish
The near-term resistance is around 0.9175, any breach above targets 0.9200/0.9240/0.9275. Bullish trend continuation only if it breaks 0.92750. On the lower side, immediate support is around 0.91150. Any convincing breach below will take to the next level 0.90750/0.9050.
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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.
