Ichimoku analysis (1 Hour chart)
Tenken-Sen- 0.91900
Kijun-Sen- 0.92000
June month high– 0.92750
The pair is once again consolidating in a narrow range between 0.9150 and 0.92410 for the past four days. The board-based US dollar weakness after US CPI data is putting pressure on this pair at higher levels. The US inflation rose by 0.3% in August compared to a forecast of 0.4%. The headline CPI for the year jumped to 5.3%, in with expectations. It remains muted and buyers are waiting for USDCHF to cross this week high. At the time of writing, USDCHF is hovering around 0.92201 up 0.14%.
Trend-Neutral
The near-term resistance is around 0.9205, any breach above targets 0.9220/0.9240/0.9275/0.9360. The minor bearish trend from 0.94725 will get completed at 0.8940 only after it breaks 0.9275. On the lower side, immediate support is around 0.91800. Any convincing breach below will take to the next level 0.9150/ 0.91150/0.9995/0.90750/0.9050.
Indicator (Hourly chart)
CAM indicator –Bearish
Directional movement index –Bearish
It is good to buy only above 0.9240 with SL around 0.9200 for a TP of 0.9365.
