• FxWirePro: sell usdchf below 0.9370

    Source: FxWire Pro - Technicals / 08 Jul 2020 05:52:48   America/New_York

    Ichimoku Analysis (4-hour chart)

     

    Tenken-Sen- 0.94292

     

    Kijun-Sen- 0.94274

     

    USDCHF is trading in a narrow range between 0.95330 and 0.9387 for the past 1- week. The increase in the number of coronavirus cases worldwide, especially the U.S is putting pressure at higher levels. The intraday trend is neutral as long as support 0.9370 holds. It hits an intraday low of 0.9405 and is currently trading around 0.94187.

    Short term:

    In the 4 hours chart, the pair is holding well below 100 MA at 0.94725. It is struggling to break above minor resistance 0.9470 Jul 2nd high, and any violation above 0.9470 will take the pair to next level till 0.95300/0.9550.

    The pair is facing primary support at 0.9370, a firm break below will confirm minor bearish continuation. A dip till 0.9300/0.9260. 

     

    Intraday

    On the higher side, significant resistance is at 0.9450, and the jump above will take the pair to the next level till 0.9470/0.9500. Minor support stands at 0.9400.

     

    It is good to sell on rallies around 0.9428-30 with SL around 0.94725 for the TP of 0.9300.

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