Candlestick pattern-Shooting star (May 25th, 2020)
Ichimoku Analysis (4 hour chart)
Tenken-Sen- 0.97193
Kijun-Sen- 0.96872
USDCHF has one again declined after showing a minor jump above the trend line. The intraday trend is slightly weak as long as resistance 0.9780 holds. The pair was in the consolidation phase between 0.98027 and 0.95886 for the past 28 days. DXY's struggles to trade above 100 and this confirms minor weakness, a dip till 99. Major trend continuation only above 100.50.
The near term minor resistance is at 0.9740 (trend line resistance), any break above targets 0.9760/0.9785. Minor bearish reversal can happen only above 0.98027 (Apr 24th, 2020 high) and surge past that level will reach 0.9900.
On the flip side, the pair is trading slightly below 200-4H MA and any indicative close beneath will drag the pair down till 0.9665/0.9638//0.9585.
It is good to sell on rallies around 0.9705-08 with SL around 0.9740 for the TP of 0.9590
