Ichimoku Analysis (4-hour chart)
Tenken-Sen- 0.96717
Kijun-Sen- 0.96802
USDCHF has broken symmetrical triangle support at 0.9650 after a long consolidation. This confirms bearish continuation, a dip till 0.9585/0.9535 likely. The demand for Safe-haven increased slightly as markets US Trump's speech about US ties with China today. DXY is trading at 2-month low and any violation below 98.25 confirms further weakness.
The major economic data to be released today are US PCE, Personal spending, U.S Powell, and Trump speech for further direction.
The near term minor resistance is at 0.96650, any break above targets 0.9700/0.9720/0.9760. Minor bearish reversal can happen only above 0.98027 (Apr 24th, 2020 high) and surge past that level will reach 0.9900.
The pair is trading below 0.9638 shows that corrective pattern will extend till 0.95886 (May 1st low). Any indicative close beneath will drag the pair down till 0.9535/0.9500.
It is good to sell on rallies around 0.9640-425 with SL around 0.9670 for the TP of 0.9585/0.9535.
