Candlestick pattern- bearish Engulfing pattern
Ichimoku Analysis (8 Hour chart)
Tenken-Sen- 0.97227
Kijun-Sen-0.97070
USDCHF has once again declined sharply after showing a minor jump till 0.97665. It has formed a minor bottom around 0.96130 and shown a jump of more than 150 pips. The spread of the Coronavirus is putting pressure on this pair at higher levels. The death toll has increased to 170 and confirmed cases rose to 7711. Most of the death has been from Wuhan and province of Hubei.
Technically, the pair is still on the downside as long as resistance at 0.97650-70 holds. Any indicative break above targets 0.9800/0.9845.
On the flip side, near-term support is at 0.9660 and the break beneath will drag the pair to the next level till 0.96130/0.9545.
It is good to sell on rallies around 0.9728-30 with SL around 0.9770 for the TP of 0.9660/0.9620.
