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Intraday trend – Bearish
Major intraday resistance – 123
The pair breaks significant support 123 and holds well below that level. The board-based buying in the Japanese Yen on increasing demand for safe-haven assets is putting pressure on this pair at higher levels. USDCHF is holding below 0.9300 levels. Significant intraday bearishness can be seen if it breaks the 0.9190 level. The Japanese yen hits a multi-week high against the US dollar on declining US treasury yield also dragging the pair further down.
The near-term resistance is around 123, any breach above targets 123.65/127. The minor support to be watched is 122, the violation below will drag the pair down to 121/120.
Indicators (4-hour chart)
Directional movement index – Bearish
CCI (50)- Bearish
It is good to sell on rallies around 122.75-80 with SL around 123.50 for TP of 120.
