FxWirepro: Cable Heads Towards Major Resistances, Consolidation Looks Healthy, Flurry of Bearish Candles Threaten – Trading & Hedging Setup
FxWirePro: USDCHF trades below 0.9370, targets 0.9290
Ichimoku Analysis (4-hour chart)
USDCHF continues to trade lower for the past 1- week and lost more than 150 pips on safe-haven demand. The pair has broken primary support 0.9370 after a long consolidation between 0.95330 and 0.93760. The rising US.S stocks and declining yields are putting pressure on the U.S dollar. The intraday trend is weak as long as resistance 0.9470 holds. It hits an intraday low of 0.9405 and is currently trading around 0.94187.
In the 4 hours chart, the pair is holding well below 100 MA at 0.94725. It is struggling to break above minor resistance 0.9470 Jul 2nd high, and any violation above 0.9470 will take the pair to next level till 0.95300/0.9550.
The pair is facing primary support at 0.9360, a firm break below will confirm minor bearish continuation. A dip till 0.9300/0.9260.
On the higher side, significant resistance is at 0.9450, and the jump above will take the pair to the next level till 0.9470/0.9500. Minor support stands at 0.9400.
It is good to sell on rallies around 0.9420 with SL around 0.9450 for the TP of 0.9300.