FxWirePro: USDCHF hits 4-month low, dip till 0.9660 likely

Ichimoku Analysis (Daily chart)

Tenken-Sen- 0.97785

Kijun-Sen- 0.98767

USDCHF continues to trade lower and lost more than 100 pips till 0.98180 level. The short-term trend is still bearish as long as resistance 0.9845 holds. It hits a low of 0.97153 at the time of writing and is currently trading around 0.97163.

The broad-based US dollar buying and strength in Swiss franc is putting pressure on USDCHF at higher levels. US Dollar index declined more than 100 pips from a temporary top around 97.82. Any minor bearishness can be seen only below 96.60 level.

Technically, the near term significant resistance is around 0.9770 and any break beyond will take the pair till 0.9845/0.9880.

On the flip side, significant support is around 0.9715 and the violation beneath will drag the pair to the next level to 0.9660/0.9600.

It is good to sell on rallies around 0.9738-40 with SL around 0.9775 for the TP of 0.9660.