Ichimoku Analysis (4-hour chart)
Tenken-Sen- 0.97128
Kijun-Sen- 0.96978
USDCHF is trading higher continuously for the past 4 days and broken major resistance at 0.9766 high made on Jan 10th, 2020. The surge in bond yield and upbeat economic data is supporting the US dollar index at lower levels. Markets eye US Non-Farm Payroll data for further direction. It hits an intraday high of 0.97702 and is currently trading around 0.97632.
US economy is expected to add 160000 jobs in Jan compared to 145000 increase in Dec, the unemployment to be stable at 3.5%. Hourly earnings to gain 0.3% vs 0.1% in Dec.
Technically, the pair should convincingly break above 0.9770, a jump till 0.9800/0.9845.
On the flip side, near-term support is at 0.9670 and the break beneath will drag the pair to the next level till 0.96130/0.9545.
It is good to buy on dips around 0.9755-58 with SL around 0.9720 for the TP of 0.9840.
