Ichimoku analysis (Daily chart)
Tenken-Sen- 1.24614
Kijun-Sen- 1.2350
The pair surged more than 150 pips from the previous week's close of 1.26078. The board-based US dollar buying due to the surge in delta variant coronavirus has increased the demand for Safe-haven assets like the US dollar. US retail sales rose 0.6% last month compared to a forecast of -0.4%. The minor sell-off in crude oil prices due to strong US dollar and fear of the third wave of coronavirus. It hits an intraday high of 1.28075 and currently trading around 1.27738.
Trend –Bullish
The near-term resistance is around 1.2780, a breach above targets 1.2835/1.2860. On the lower side, immediate support stands around 1.2660; violation below will take the pair down to the next level 1.2600/.
It is good to buy on dips around 1.2760 with SL around 1.2690 for TP of 1.2945.
