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Ichimoku analysis (4-Hour chart)
Tenken-Sen- 0.89523
Kijun-Sen- 0.89799
USDCHF is retreating for the fourth consecutive day after forming a minor top around 0.9044 on broad based US dollar selling. The pair breaks 0.8925 (resistance turned into support), confirms minor weakness. The coronavirus progress and optimism over huge fiscal stimulus have decreased demand for safe-haven assets like the US dollar. DXY is trading well below 91 levels; any violation below 90 confirms a bearish continuation. Markets eye US CPI and Fed chairman Powell speech today for further direction.
The near-term resistance at 0.8925; any convincing violation above will take to the next level till 0.8965/0.9000/0.9044.
On the lower side, significant support stands at 0.8880, any indicative break below targets 0.88380/0.8800/0.8750.
Indicator (4-hour chart)
CAM indicator – Bearish
Directional movement index – Bearish
It is good to sell on rallies around 0.8908-10 with SL around 0.8950 for a TP of 0.0.88380.
