Ichimoku Analysis (4- hour chart)
Tenken-Sen- 0.96998
Kijun-Sen- 0.96998
USDCHF trades lower and lost more than 50 pips for the day on broad-based US dollar selling. The decline came after the Fed has injected $2.3 trillion in additional loans to support the U.S economy from coronavirus. DXY has broken 99.77 low made on Apr 7th, 2020 and is currently trading around 99.61.
Technically, near term support is around 0.9660 and violation below will drag the pair down till 0.9590/0.9560/0.9500.
The immediate resistance is around 0.9740, an indicative break above targets 0.9770/0.9800. Significant trend continuation only above 0.9845.
It is good to sell on rallies around 0.9685-88 with SL around 0.9730 for the TP of 0.9590.
