FxWirePro- USDCHF Daily Outlook

Ichimoku analysis (4 Hour chart)

Tenken-Sen- 0.91643

Kijun-Sen- 0.91500

June month high– 0.92750

 The pair is consolidating in a narrow range for the past three weeks. Investors await US Nonfarm payroll data on Friday for further direction. USDCHF has tried to break above 0.9200 for the third time and failed. The weakness in the US dollar index is preventing the pair from breaking 0.91000. Any breach below 92.40 confirms further bearishness.  At the time of writing, USDCHF is hovering around 0.91518 up 0.07%.

The US ISM manufacturing index came at 59.9% in August compared to the forecast of 58.5%, increased for the 15th consecutive month. The private payrolls surged to 374000 lower compared to an estimate of 640000. Markets eye US initial jobless claims for further direction.

 Trend-Neutral

The near-term resistance is around 0.9200, any breach above targets0.9220 (trend line resistance) 0.9240/0.9275. The decline from 0.94725 will get completed only if it breaks 0.92750. On the lower side, immediate support is around 0.9100. Any convincing breach below will take to the next level 0.90750/0.9050.

 Indicator (4-Hour chart)

CAM indicator –Bullish

 Directional movement index –Neutral

It is good to avoid until getting clear direction.