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FxWirePro: USDCHF trades in narrow range, any violation above 0.9920 targets 0.99780

Ichimoku Analysis (Hourly chart)

 

Tenken-Sen- 0.9899

 

Kijun-Sen- 0.98911

 

USDCHF has broken minor resistance at 0.99140 after a long consolidation. It hits an intraday high of 0.99181 and is currently trading around 0.99174. The slight pessimism in US-China trade talks is putting pressure on this pair at higher levels.

 

 

The near -term major intraday resistance is around 0.9920, any violation above will take the pair to next level till 0.99525/0.9978. Major trend reversal only beyond 1.0030.

 

On the flip side, 0.9890 (Cloud bottom) will be acting as minor support and any indicative break below targets 0.9870/0.9840. Minor bearish continuation only beneath 0.9840.

 

It is good to buy on dips around 0.9908-10 with SL around 0.9885 for the TP of 0.9978.

By Rangarajan Hariharan
  • Market Data
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