Ichimoku Analysis (Weekly chart)
Tenken-Sen- 0.98968
Kijun-Sen- 0.98437
USDCHF continues to trade lower for the 4th consecutive weeks and hits low of 0.9770 the previous week. The pair is holding well below 200- W MA for 2nd week and this confirms bearish continuation. The dip was mainly due to board based US dollar selling and a slight increase in demand for Safe-haven assets.
Markets are to be traded in a range-bound ahead of Christmas and New Year.
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.
