FxWirePro- USDCHF Daily Outlook

Ichimoku analysis (4-hour chart)

 Tenken-Sen- 0.91555   

Kijun-Sen- 0.91592

Previous week High– 0.92676

Previous week low- 0.91330

The pair is consolidating in a narrow range between 0.92715 and 0.91179 for the past two weeks. The board-based US dollar buying is supporting the pair at lower levels. The intraday trend is neutral as long as 0.9200 intact. But overall bias remains on the downside as long as resistance 0.92750 holds. US weekly jobless claims came at 360k vs. 350k expected. The Philly Fed manufacturing index declined to 21.9 compared to an estimate of 28. The US 10-year yield hits fresh weekly lows lost more than 7.5% after Fed Chairman Powell's testimony.              

Trend- Neutral

The near-term support is around 0.91219, breach below will take the pair to 0.9059/0.9000. On the higher side, immediate resistance is around 0.9200. Any convincing breach above targets 0.9238/0.92750.

Indicator (4 Hour chart)

CAM indicator – Neutral

Directional movement index –Neutral

It is good to sell on rallies around 0.9180 with SL around 0.9238 for a TP of 0.9050.