Ichimoku Analysis (Daily chart)
Tenken-Sen- 0.97389
Kijun-Sen- 0.98349
USDCHF is trading in a narrow range between 0.9645 and 0.9745 for the past 4 trading days. The pair has lost more than 350 pips in the 2 months on broad-based US dollar selling and a slight increase in demand for Safe-haven assets like yen, Swiss franc. It hits an intraday high of 0.97167 and is currently trading around 0.97120.
The near-term resistance is around 0.97425 (200- H MA), any break above will take the pair to next level till 0.9800/0.9845. Any close above 0.9845 targets 0.9900/0.9925.
On the flipside, primary support is at 0.9650 and the indicative break below will drag the pair to 0.9623 (23.6% fib)/0.9543.
It is good to buy on dips around 0.9705-08 with SL around 0.9670 for the TP of 0.9800.
