FxWirePro- USDCHF Daily Outlook

Major Intraday resistance -0.9320

Intraday support- 0.92150

It is trading lower for second days and lost more than 100 pips on board-based US dollar weakness. The US dollar index declined below 94 levels despite upbeat US inflation data. The US Inflation rose 4% in September and annual inflation rose 5.4% highest increase in 13 years. The Fed meeting minutes show that the central bank to taper bond buying by mid-November or mid-December this year. The intraday trend of USDCHF is still bearish as long as resistance 0.92750 holds. At the time of writing, USDCHF is hovering around 0.92041 down -0.40%.

Woodies and CCI analysis-

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

Trend-Bearish

USDCHF is facing strong resistance around 0.92380.  Any break above targets 0.92750/0.9320. It should surge past 0.9370 for further bullish continuation. A jump to 0.9400/0.9425 is possible.  On the lower side, immediate support is around 0.9200. Any convincing breach below targets 0.9170/0.91150.

 Indicator (1-hour chart)

 Directional movement index - Bearish  

It is good to sell on rallies around 0.9238-40 with SL around 0.92750 for a TP of 0.91150.