USDCHF hits-7 week low on broad based US dollar selling, dip till 0.9500 likely

USDCHF hits-7 week low on broad-based US dollar selling, dip till 0.9500 likely

Ichimoku Analysis (Weekly chart)

Tenken-Sen- 0.96525 

Kijun-Sen- 0.95955

USDCHF continues to trade lower for 3rd consecutive week after a minor recovery till 0.96475. The overall trend is still bearish as long as resistance 0.96750 (10-W EMA) holds. The broad-based US dollar selling was mainly due to weak economic data and protests after the death of George Floyd. It hits a low of 0.95419 and is currently trading around 0.95655.

In the weekly chart, the pair is holding well below 100 and 200 MA (0.98665/0.98357).  The near term support is around 0.95421 (Sep 2018 low), the violation below will take the pair till 0.9490/0.9435. 

On the higher side, strong resistance is at 0.9675, and the break above will take the pair to the next level till 0.9740/0.9765/0.9785.Major trend reversal only above 0.98027.

It is good to sell on rallies around 0.9585-88 with SL around 0.9645 for the TP of 0.9490/0.9435.