Ichimoku Analysis (Daily chart)
Tenken-Sen- 0.96964
Kijun-Sen- 0.9770
USDCHF trades lower and hits 5-month low at 0.96305. The overall trend is still in bearish mode and any minor bullishness can be seen only above 0.97750 levels. Swiss Franc is trading higher against all majors after Russian PM resignation which has slightly increased demand for Safe-haven assets. It is currently trading around 0.96470.
The US Producer price index raised 0.1% m/m compared to forecast of 0.2%, wholesale inflation inched up 1.3% 2019 Vs 2.6% in 2018.
Technically, near term major resistance is at 0.9720 and any violation above targets 0.9775/0.9800. Significant trend continuation only above 0.9845.
On the flip side, the pair has broken major support 0.9645 and this shows resumption of downtrend from 1.0237, a dip till 0.9600/0.9545 possible.
It is good to sell on rallies around 0.9660-65 with SL around 0.9700 for the TP of 0.9545.
