Major Intraday resistance -0.9370
Intraday support- 0.9300
The pair declined after jumping above trend line resistance 0.93630. it was one of the best performers the previous month surged more than 200 pips from the close of 0.9153 on board-based US dollar buying. The short-term trend is bullish as long as support 0.92750 holds. The weak global markets and debt ceiling problem in the US is supporting the Swiss franc at lower levels. The US dollar index is trading above 94. Any breach below 93.90 confirms intraday bearishness. At the time of writing, USDCHF is hovering around 0.93185 up 0.04%.
Woodies and CCI analysis-
Both CCI (50) and Woodies CCI is trading below the zero lines (bearish trend).
In Woodies CCI six consecutive bars should close below zero lines for bearish trend continuation (only 3 bars below zero line. So bearish trend not confirmed.
Trend-Neutral
USDCHF should close above 0.9365 for further up move till 0.9435/0.94725. On the lower side, immediate support is around 0.9275. Any convincing breach below targets 0.92150/0.9180.
Indicator (4-hour chart)
Directional movement index –Neutral
It is good to buy on dips around 0.9300 with SL around 0.9250 for a TP of 0.94725.
