Major Intraday resistance -0.92750
Intraday support- 0.9220
The pair continues to trade weak for the third consecutive days on US dollar weakness. The global financial market turmoil due to Chinese real estate developer Evergrande's debt crisis has increased demand for Safe-haven assets like the Swiss franc. Markets eye the US fed monetary policy for further direction. The US dollar index is trading flat. Any breach above 9+3.50 confirms further bullishness. At the time of writing, USDCHF is hovering around 0.92247down -0.11%.
Woodies and CCI analysis-
Both CCI (50) and Woodies CCI is below the zero lines (bearish trend).
In Woodies CCI six consecutive bars close below zero lines.(bearish trend).
Trend-Bearish
USDCHF is trading below 0.92380 (200-H MA) and this confirms intraday bearishness. A dip to 0.9180 is possible. On the higher side, immediate resistance is around 0.92750. Any convincing jump above targets 0.9300/0.93350/0.93650.
Indicator (1-hour chart)
Directional movement index –Bearish
It is good to sell on rallies around 0.9238-40 with SL around 0.9275 for a TP of 0.9180.
