FxWirePro: USDCHF trades weak, dip till 0.9545 likely

Ichimoku Analysis (8 Hour chart)

Tenken-Sen- 0.96970

Kijun-Sen-0.96970

USDCHF is trading weak for 4th consecutive days and lost more than 130 pips. The overall trend is still on the downside as long as resistance 0.9770 holds. There were 2100 new cases in Hubei and the total number of infected people rose to 11177. It hits a low of 0.96289 and is currently trading around 0.96400.

 Technically, the pair is facing strong intraday resistance at 0.9660 and any indicative break above targets 0.9700/0.9750-55. Major trend reversal only above 0.9770.

On the flip side, near-term support is at 0.96150 and the break beneath will drag the pair to the next level till 0.9545/0.9500.

It is good to sell on rallies around 0.9660 with SL around 0.9700 for the TP of 0.9660/0.9620.