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FxrWirePro- USDCHF Daily Outlook

Ichimoku analysis (4-hour chart)

 

Tenken-Sen- 0.90403

 

Kijun-Sen- 0.90622

 

Previous week low– 0.90391

 

 

The pair breaks previous and hits a 7-week low amid risk aversion. The slow recovery in economic growth due to pandemics has increased demand for safe-haven assets like the Swiss franc. At the time of writing, USDCHF is hovering around 0.90369, up 0.01%.

 

The US dollar index is holding above  92 levels. It should cross the 92.20 level for intraday bullishness.

 

Markets eye US ADP and US ISM services PMI fr further direction.

 

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Trend- Bearish

 

The near-term support is around 0.9020, any breach below confirms further weakness. A dip till 0.9000/0.8925. On the higher side, immediate resistance is around 0.9075 (200-day MA). Any convincing breach above targets 0.91150 (support turned into resistance)/ 0.9128/0.9150/0.9185.

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 Indicator (4 Hour chart)

 

 CAM indicator – Bullish

 

 Directional movement index –Bearish

 

It is good to sell on rallies around 0.9048-50 with SL around 0.908-5 for a TP of 0.8925.

 

 

 

 

 

 

 

 

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