Ichimoku Analysis (4-hour chart)
Tenken-Sen- 0.96974
Kijun-Sen- 0.97037
USDCHF is trading in a narrow range between 0.9645 and 0.9745 for the past 1-week. The pair has declined till 0.96683 yesterday and shown a minor recovery. The escalation of US-Iran tension is supporting Swiss Franc due to increasing in demand for Safe-haven assets. It hits an intraday high of 0.97290 and is currently trading around 0.97194. Markets eye US ADP employment and Trump speech today for further direction.
The near-term resistance is around 0.97300 (55- 4 H EMA), any break above will take the pair to next level till 0.9775/0.9800. Any close above 0.9845 targets 0.9900/0.9925.
On the flipside, primary support is at 0.9650 and the indicative break below will drag the pair to 0.9623 (23.6% fib)/0.9543.
It is good to buy on dips around 0.9705-08 with SL around 0.9670 for the TP of 0.9800.
