FxWirePro: USDCHF recovers on broad-based US dollar buying, good to buy on dips

Ichimoku Analysis (8-hour chart)

Tenken-Sen- 0.96835

Kijun-Sen- 0.96996

USDCHF has taken support near the trend line and jumped more than 100 pips from a low of 0.96394. The broad-based US dollar buying due to new uncertainty over Hong Kong's future. DXY recovered more than 80 pips from yesterday's low of 99.02 to 99.87. Major trend continuation only above 100.50.

The near term minor resistance is at 0.9740 (trend line resistance), any break above targets 0.9760/0.9785. Minor trend continuation can happen only above 0.98027 (Apr 24th, 2020 high) and surge past that level will reach 0.9900.

On the flipside, near –term support is around 0.9690 (200-8H MA) and any indicative break below will drag the pair down till 0.9665/0.9638//0.9585.

It is good to buy on dips around 0.9708-10 with SL around 0.96650 for the TP of 0.9802.