FxWirePro: USDCHF breaks trend line support, dip till 0.9050 likely

Ichimoku Analysis (1-hour chart)

Tenken-Sen- 0.91406

Kijun-Sen- 0.91406

USDCHF declined sharply after hitting a high of 0.91655 on minor weakness in the US dollar index. DXY has once again not able to cross the 94 levels as hopes for fresh stimulus increase demand for riskier assets. It has lost more than 35 pips from an intraday high of 93.766. Any break below 93.24 confirms bearish continuation. A dip till 93/92.75 likely.

The pair has broken significant trend line support at 0.91308 and holding well below that level. A dip till 0.9050/0.9000 is possible. On the higher side, 0.9170 is acting as major resistance and any indicative break above that level targets 0.9200/0.9250/0.9300. Significant buying only above 0.9300.

It is good to sell on rallies around 0.9128-30 with SL around 0.91650 for the TP of 0.9050.