FxWirePro: USDCHF Daily Outlook

Ichimoku Analysis (1-hour chart)

Tenken-Sen- 0.91317

Kijun-Sen- 0.91304

USDCHF continues to trade higher and hits a one-week high due to board- based US dollar buying.  The better than expected US advance GDP and jobless claims are supporting the US dollar. The US Q3 advance GDP rose to a record 33.1% annualized pace compared to forecast 32. %. The number of people who have applied for unemployment benefits declined to 751K vs estimate of 763K. The US dollar index is holding above 94, a jump till 94.60/95 likely. Markets eye US fiscal stimulus and US election for further developments. USD CHF hits an intraday high of 0.91716 and is currently trading around 0.911664.

On the lower side, the pair is facing significant support at 0.91385 and any break below will drag the pair down till 0.9100/0.9060/0.9030. The near –term resistance is around 0.9200, an indicative break above targets 0.92450/0.9290.Significant buying only above 0.93000.

It is good to buy on dips around 0.9140 with SL around 0.9100 for the TP of 0.92450.