Major Intraday resistance -0.9350
Intraday support- 0.9300
The pair is trading weak after hitting a multi-month high of 0.93683. The board-based weakness in the US dollar is putting pressure on the pair at higher levels. The short-term trend is bullish as long as support 0.92750 holds. The upbeat market sentiment and declining US treasury yields are pushing the US dollar lower. The US dollar index is trading below 94 levels, any breach below 93.80 confirms intraday bearishness. At the time of writing, USDCHF is hovering around 0.92947 down 0.11%.
Woodies and CCI analysis-
The Woodies CC and CCI (50) are trading below zero lines (bearish trend).
Trend-Neutral
USDCHF is struggling to close above the 0.9320 level. Any break above targets 0.93685. It should surge past 0.9370 for further bullish continuation. A jump to 0.9400/0.94725 is possible. On the lower side, immediate support is around 0.9275. Any convincing breach below targets 0.92150/0.9180.
Indicator (1-hour chart)
Directional movement index –Bearish
It is good to sell on rallies around 0.9328-30 with SL around 0.9370 for a TP of 0.9180
