Ichimoku analysis (4 Hour chart)
Tenken-Sen- 0.91487
Kijun-Sen- 0.91500
June month high– 0.92750
The pair has shown some positive momentum in the European session and jumped more than 75 pips from yesterday's low of 0.91143. The minor pullback in the US dollar index from a low of 92.40 is supporting pair at lower levels. At the time of writing, USDCHF is hovering around 0.91761 up 0.28%.
The US conference board consumer confidence declined to 113.80 in August compared to a forecast of 122.90, the lowest level since Feb. the Chicago PMI dropped to 66.8 in August vs. 68 expected. Markets eye US ADP employment and ISM manufacturing index for further direction.
Trend-Neutral
The near-term resistance is around 0.9200, any breach above targets0.92250 (trend line resistance) 0.9240/0.9275. The decline from 0.94725 will get completed 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 –Bullish
Directional movement index –Neutral
It is good to avoid until getting clear direction
