Ichimoku Analysis (8 Hour chart)
Tenken-Sen- 0.97227
Kijun-Sen-0.97137
USDCHF is trading in a narrow range between 0.96787 and 0.9766 for the past 3 trading days. The overall trend is still on the downside as long as resistance 0.9770 holds. The spread of the Coronavirus across 19 countries is putting pressure on this pair at higher levels. The death toll has increased to 213 and confirmed cases rose more than 9000.
Technically, the pair is facing strong resistance at 0.9770 and any indicative break above targets 0.9800/0.9845.
On the flip side, near-term support is at 0.9670 and the break beneath will drag the pair to the next level till 0.96130/0.9545.
It is good to sell on rallies around 0.9728-30 with SL around 0.9770 for the TP of 0.9660/0.9620.
