Ichimoku Analysis (4-hour chart)
Tenken-Sen- 0.96690
Kijun-Sen- 0.96957
USDCHF continues to trade lower and holding below trend line support on broad-based US dollar selling. The weak US economic data and protest in the US are putting pressure on the dollar. This confirms bearish continuation, a dip till 0.9585/0.9535 likely. DXY is trading at 2-1/2-month low and closed below 200-day MA for 2nd consecutive days. Any violation below 97.80 targets 97.45.
US personal spending declined to record 16% in Apr MOM as the savings rate increased by 33%.the personal income surged to 10.5% the highest level since 1959 due to government payments.
The near term minor resistance is at 0.9620, any break above targets 0.9660/0.9700/0.9720. Minor bearish reversal can happen only above 0.98027 (Apr 24th, 2020 high) and surge past that level will reach 0.9900.
The pair broke support 0.95885 (May 1st low) and hits low of 0.95785. Any convincing close below 0.9580 confirms that jump from 0.9183 has completed at 0.9900. A dip till 0.9535/0.9500.
It is good to sell on rallies around 0.9620-225 with SL around 0.9665 for the TP of 0.9535.
