Ichimoku analysis (4 Hour chart)
Tenken-Sen- 0.91427
Kijun-Sen- 0.91500
June month high– 0.92750
The pair is trading in a narrow range between 0.92397 and 0.90998 for the past two weeks. It struggles to break below 0.9100 despite US dollar weakness. The US dollar index was one of the worst performers in past one week on the dovish Fed Chairman speech. The US pending home sales declined slightly by 1.8% in July, the second month in a row compared to an estimated 0.5% rise. At the time of writing, USDCHF is hovering around 0.91574 down 0.08%.
Trend- Bearish
The near-term resistance is around 0.9200, any breach above targets0.92250 (trend line resistance) 0.9240/0.9275. Bullish trend continuation only if it breaks 0.92750. On the lower side, immediate support is around 0.9100. Any convincing breach below will take to the next level 0.90750/0.9050.
Indicator (4-Hour chart)
CAM indicator –Slightly Bullish
Directional movement index –Neutral
It is good to avoid until getting clear direction
