Ichimoku analysis (4 Hour chart)
Tenken-Sen- 0.91496
Kijun-Sen- 0.91632
June month high– 0.92750
The pair has formed a temporary top around 0.92069 and shown a minor sell-off. It hits a fresh 4-day low and holding below 0.9150 as a jump in demand for safe-haven assets like the Swiss franc increased. The sell-off in the US dollar index from the high of 93.71 is putting pressure on this pair at a higher level. At the time of writing, USDCHF is hovering around 0.91262, up 0.03%.
Trend- Bearish
The near-term resistance is around 0.9180, any breach above targets 0.9210/0.9240/0.9275. 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)
CCI (50) – Bearish
Directional movement index –Bearish
It is good to sell on rallies around 0.9138-40 with SL around 0.9180 for a TP of 0.9000.
