FxWirePro- USDCHF Daily Outlook

Major Intraday resistance -0.9320

Intraday support- 0.92150

It is consolidating in a narrow range between 0.92380 and 0.93072 for the past three days. Markets eye US Nonfarm payroll for further direction. The US economy expects to add 490000 jobs in Sep compared to 235000 previous months. The US dollar index is holding above 94 levels. Any breach above 94.50 confirms further bullishness. The intraday trend of USDCHF is still bullish as long as support 0.92150 holds. At the time of writing, USDCHF is hovering around 0.93045 up 0.27%.

The number of people who have filed for unemployment benefits declined to 326000 last week compared to an estimate of 345000.

Woodies and CCI analysis-

The Woodies CC and CCI (50) are trading above zero lines (bullish trend). In Woodies CCI six consecutive bars above zero (bullish confirmation).

Trend-Neutral

USDCHF is facing strong resistance around 0.9320.  Any break above targets 0.9330/0.93685. 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 0.92350. Any convincing breach below targets 0.92150/0.9180.

 Indicator (1-hour chart)

 Directional movement index - Neutral

It is good to buy on dips around 0.92750 with SL around 0.92350 for a TP of 0.9368.