FxWirePro: USDCHF trades flat, break below 0.9770 confirms further bearishness

Ichimoku Analysis (4- Hour chart)

Tenken-Sen- 0.98137

Kijun-Sen- 0.98015

USDCHF continues to trade lower after a minor jump till 0.98325 level. The intraday trend is still in a downtrend as long as resistance 0.9845 holds. It hits a low of 0.97825 at the time of writing and is currently trading around 0.97865.

The broad-based US dollar buying and strength in Swiss franc is putting pressure on USDCHF at higher levels. US Dollar index jumped till 200-4H MA and started to decline. Any minor bullishness can be seen only above 97.85 level.

Technically, the near term significant resistance is around 0.98450 and any break beyond will take the pair till 0.9890/0.99525.

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 0.9800 with SL around 0.9850 for the TP of 0.9715.