FxWirePro: USD/JPY edges slightly higher from 5-week lows, yen offered after BoJ cuts Japan's growth forecasts
FxWirePro: USDCHF struggles to close above 200-4H EMA, good to sell on rallies
Ichimoku Analysis (4-hour chart)
USDCHF has once again declined after showing a minor jump above 200- 4H EMA on broad-based US dollar selling. The US dollar has started to shine after not so dovish Fed monetary policy. The Fed has kept its rates unchanged and pledges to keep rates on hold till 2023 unless inflation exceeds 2%. The pair hits an intraday high of 0.91393 and is currently trading around 0.90598.
The pair is still in a downtrend, any break above 0.91420 (61.8% fib) confirms intraday bullish continuation. Any violation above targets 0.9200/0.9245. The near-term support is around 0.9050, any break below will drag the pair down till 0.9000/0.8940. The decline from 0.9900 will get completed at 0.9050 only if it breaks 0.9250.
It is good to sell on rallies around 0.9120 with SL around 0.9160 for the TP of 0.9000.