Ichimoku analysis (4-hour chart)
Tenken-Sen- 0.91271
Kijun-Sen- 0.91544
This week High– 0.92326
The pair continues to trade lower after forming a top around 0.92730. The weak economic data and dovish fed are putting pressure on the US dollar.US Gross domestic product surged at an annual rate of 6.3% in the second quarter slightly below the estimated 8.5%. The number of people who have filed for unemployment benefits by 24000 to 400000 last week compared to a forecast of 382000. Markets eye US PCE and Chicago PMI for further direction. USDCHF hits an intraday low of 0.90516 and currently trading around 0.90583.
.
Trend- Bearish
The near-term support is around 0.9050, any breach below confirms further weakness. A dip till 0.9000/0.8925. On the higher side, immediate resistance is around 0.9075 Any convincing breach above targets 0.9128/0.9150/0.9185.
.
Indicator (4 Hour chart)
CAM indicator – Bearish
Directional movement index –Bearish
It is good to sell on rallies around 0.9075 with SL around 0.9120 for a TP of 0.8925.
