Harmonic pattern- Bullish Bat pattern
Ichimoku Analysis (Daily chart)
Tenken-Sen- 0.93772
Kijun-Sen- 0.94098
USDCHF continues to trade weak and declined sharply till 0.92725 on broad-based US dollar selling. It hits an intraday low of 0.92727 and is currently trading around 0.9285. On the economic data front, the US existing home sales jumped sharply more than 20.7% in June from May, the largest monthly gain since realtors. Markets eye US initial jobless claims and Conference board Leading index for further direction.
In the 8-hour chart, the pair is in oversold territory (RSI -22), and it confirms minor pullback till 0.9365 (support turned into resistance). Any violation above 0.9365 targets 0.9435/0.9470.
The pair is facing primary support at 0.9260, break below will drag the pair till 0.9181. Significant selling only below 0.9181.
It is good to buy on dips around 0.9248-50 with SL around 0.9180 for the TP of 0.9400.
