Intraday trend – Bearish
Major intraday Support – 137.50
The pair traded weak for a second consecutive week and lost more than 500 pips on a strong yen. The board-based weakness in the US dollar and increase in risk aversion support the yen at lower levels. USDCHF is holding below 0.9500. Significant bearish trend continuation if it breaks the 0.9470 level.
The near-term resistance is around 138, any breach above 123.50 confirms intraday bullishness. A jump to 138.56/139.44/140.03 is possible.
The minor support to be watched is 137.50, the violation below will drag the pair down to 136.80/136/134.
Indicators (8-hour)
Directional movement index – Bearish
CCI (50) - Bearish
It is good to sell on rallies around 138 with SL around 139.44 for TP of 136/134.
