FxWirePro: USDCHF Daily Outlook

Ichimoku analysis (15 min chart)

Tenken-Sen- 0.89389

Kijun-Sen- 0.89129

USDCHF continues to trade higher for second consecutive days on broad-based US dollar buying. The surge in US bond yield is supporting the US dollar at lower levels. The US 10- year yield jumped more than 8% yesterday, the biggest daily rally in three months. The pair is holding well above the hourly long-term moving average (200 MA) and is currently trading around 0.89506. Markets eye US retail sales and Fed meeting minutes for further direction.

 The near-term resistance at 0.8960; any convincing violation above will take to the next level till 0.9000/0.9044. Significant trend reversal only above 0.90450.

On the lower side, significant support stands at 0.8890, any indicative break below targets 0.88380/0.8800/0.8750.

Indicator (1-hour chart)

CAM indicator – Bullish

Directional movement index – Bullish

It is good to buy on dips around 0.8938-40 with SL around 0.8900 for a TP of 0.9040.