Ichimoku Analysis (Hourly chart)
Tenken-Sen- 0.97071
Kijun-Sen- 0.97145
USDCHF trades lower and lost more than 25 pips from an intraday high of 0.97129. The overall trend is still in bearish mode and any minor bullishness can be seen only above 0.97750 level. The pair has formed a temporary top around 1.00233 and declined more than 350 pips on an increase in demand for Safe-haven assets. It hits a low of 0.96472 and is currently trading around 0.96936.
Markets eye US CPI data which is to be released today for further direction. Technically, near term major resistance is at 0.97750 and any violation above targets 0.9800/0.9845. Significant trend continuation only above 0.9845.
On the flip side, primary support stands at 0.9645 and indicative break below confirms that minor recovery got over at 0.97623 (Jan 10th high) and a dip till 0.9600/0.9545 possible.
It is good to sell on rallies around 0.9705-08 with SL around 0.9760 for the TP of 0.9600.
