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Candlestick pattern-Shooting star (May 7th, 2020)
Ichimoku Analysis (Daily chart)
Tenken-Sen- 0.96996
Kijun-Sen- 0.96957
USDCHF is trading between 0.98027 and 0.95886 for the past 28days. The pair has shown minor recovery of nearly 100 pips from minor bottom 0.96394 on broad-based US dollar buying. DXY's trend is slightly bullish and any break above 100 confirms further jump till 100.50. 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 flipside, near –term support is around 0.9680 and any indicative break below will drag the pair down till 0.9665/0.9638//0.9585.
It is good to buy on dips around 0.96980 with SL around 0.9650 for the TP of 0.9800.
