FxWirePro: USDCHF Short term Outlook

Ichimoku Analysis (Weekly chart)

Tenken-Sen- 0.9403

Kijun-Sen- 0.99094

USDCHF continues to trade lower for the past 3 weeks and hits low of 0.9770 yesterday. The pair is holding well below 200- W MA at 0.98440 level. The dip was mainly due to board based US dollar selling and a slight increase in demand for Safe-haven assets. DXY recovered nearly 100 pips from a low of 96.59 level. Any violation over 97.60 will take the pair to next level till 98/98.40.

Markets eye US GDP, PCE and consumer spending data which is to be released today for further direction.

Technically, the near term significant resistance is around 0.98450 (200-W MA) and any close beyond will take the pair till 0.9900/0.99525.

On the flip side, significant support is around 0.9770 and the violation beneath will drag the pair to the next level to 0.9715/0.9660.

It is good to sell on rallies around 0.9818-20 with SL around 0.9850 for the TP of 0.9715.