FxWirePro: EUR/JPY slips lower from fresh four-month high, overbought conditions keep scope for pullback
FxWirePro- USDCHF Daily Outlook
Ichimoku analysis (4 Hour chart)
The pair continues to trade higher for third consecutive days and more than 150 pips. The US dollar index jumped sharply after upbeat US economic data will increase the chance of tapering of bond buying. At the time of writing, USDCHF is hovering around 0.93164 down -0.06%.
Markets eye US Fed monetary policy meeting which is to be held on Sep 22nd for further direction.
USDCHF is trading above 0.9300 and facing strong resistance at 100- W MA (0.93325). Any breach above 0.93350 confirms the short-term uptrend. A jump to 0.9400/0.94725 is possible. On the lower side, immediate support is around 0.9300. Any convincing breach below will take to the next level 0.9270/ 0.9240/ 0.9180.
Indicator (4-hour chart)
CAM indicator –Bullish
Directional movement index –Bullish
It is good to buy on dips around 0.9300 with SL around 0.9240 for a TP of 0.94725.