FxWirePro- USDCHF Daily Outlook

Ichimoku analysis (Hourly chart)

Tenken-Sen- 0.90670

Kijun-Sen- 0.90220

USDCHF is trading higher for the fifth consecutive days and jumped more than 200 pips on the weak Swiss franc. The pair surged sharply despite US dollar weakness. The US dollar index declined slightly after a dovish comment from Fed chairman Powell. US dollar index is hovering near 90 levels, any violation below 89.90 confirms a bearish continuation. The index of consumer confidence rose to a 3-month high at 91.3 in Feb better than the forecast of 90.

The near-term resistance at 0.9090; any convincing violation above will take to the next level till 0.9140/0.9170/0.9200. Significant trend reversal only above 0.90450.

On the lower side, significant support stands at 0.9040, any indicative break below targets 0..9000/0.8980/0.8800/0.8750.

Indicator (1-hour chart)

CAM indicator – Bullish

Directional movement index – Bullish

It is good to buy on dips around 0.9040 with SL around 0.900 for a TP of 0.9138.