Ichimoku Analysis (4- hour chart)
Tenken-Sen- 0.96899
Kijun-Sen- 0.96581
USDCHF has shown a nice recovery from a low of 0.95900 made on Apr 14th. It hits a high of 0.97242 and consolidating in a narrow range. DXY is trading higher in the past week and jumped more than 150 pips from a low of 98.83. The spread of coronavirus all over countries especially the U.S, Germany, and Italy have increased demand for Safe-haven assets like dollar, yen.
Technically, near term support is around 0.9650 and any violation below will drag the pair down till 0.9590/0.9545.
The immediate resistance is around 0.9725 and indicative break above targets 0.9770/0.9800. Major trend reversal only if breaks above 0.9850.
It is good to buy on dips around 0.9658-660 with SL around 0.9620 for the TP of 0.9725/0.9770.
