FxWirePro: USDCHF faces strong resistance at 200-day MA, good to buy on dips
Ichimoku Analysis (4-hour chart)
USDCHF is trading range-bound after hitting an intraday high of 0.98485. The pair was one of the best performers this month and jumped more than 2% on broad-based US dollar buying. DXY is trading higher for the 4th consecutive week and surged 2.65% from low of 97.37.
Markets eye US Philly fed manufacturing index data for further direction Technically, the pair is facing strong resistance at 0.98485 (200- day EMA) and any violation above targets 0.98650 (200- day MA). Significant trend continuation only if it breaks 0.98650. On the flip side, near-term support is at 0.9770 (55- EMA) and the break beneath will drag the pair to the next level till 0.97174/0.9670/0.96130/0.9545.
It is good to buy on dips around 0.9818-20 with SL around 0.9770 for the TP of 0.9920.