Ichimoku analysis (4-hour chart)
Tenken-Sen- 0.91271
Kijun-Sen- 0.91544
This week High– 0.92326
The pair has broken significant support 0.91150 after a long consolidation. The dovish comments by Fed Chairman are dragging the US dollar in a further direction. The Fed has kept its rates unchanged as expected and to continue bond-buying for at least by Dec 2021. The central bank has said that "the economy has made progress" toward the goals of maximum employment and price stability".USDCHF hits an intraday low of 0.90805 and currently trading around 0.90808.
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Trend- Bearish
The near-term support is around 0.9070 (200-day MA), any breach below confirms further weakness. A dip till 0.9059/0.9000. On the higher side, immediate resistance is around 0.9125. Any convincing breach above targets 0.9180/0.92380/0.9275
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Indicator (4 Hour chart)
CAM indicator – Bearish
Directional movement index –Bearish
It is good to sell on rallies around 0.9120 with SL around 0.9170 for a TP of 0.9000.
