FxWirePro: USDCHF struggles to close above 100-4H MA, dip till 0.9050 likely
Ichimoku Analysis (4-hour chart)
USDCHF has declined more than 100 pips from a high of 0.91978. The hope of the US stimulus package is fading which is putting pressure on the US dollar. US Consumer prices rose 0.6% month-on-month compared to a forecast of 0.3%. The slight dip in US bond yield after hitting 4-week high is dragging the US dollar index further down. Markets eye US retail sales and US-Sino trade talks on Aug 145th for further direction. It hits an intraday low of 0.91840 and is currently trading around 0.91515.
The pair is trading well below 100 and 200 -4H MA, any violation below 0.9050 confirms bearish continuation, a dip till 0.9000/0.8945 is possible. The near-term resistance is around 0.9160 and any break above targets 0.9200/0.9240. The decline from 0.9900 will get completed at 0.9050 only if it breaks 0.9250.
It is good to sell on rallies around 0.9158-60 with SL around 0.9200 for the TP of 0.9050.