Ichimoku Analysis (4-hour chart)
Tenken-Sen- 0.93556
Kijun-Sen- 0.93904
USDCHF continues to trade weak and hits 4 months low on broad-based US dollar selling. The COVID-19 vaccine optimism has decreased demand for Safe-haven assets like the US dollar. Markets eye the US existing home sales data for further direction. It hits an intraday low of 0.93150 and is currently trading around 0.93335.
Short term:
In the 4-hour chart, the pair is holding well below 100 and 200 MA at 0.9467, and any minor trend reversal only above that level. The near-term resistance is at 0.9370 (Support turned into resistance) and 0.9435.
The pair is facing primary support at 0.9300, break below will confirm minor bearish continuation. A dip till 0.9260/0.9200.
It is good to sell on rallies around 0.9368-70 with SL around 0.9430 for the TP of 0.9260.
