FxWirePro- USDCHF Daily Outlook

Major Intraday resistance -0.9320

Intraday support- 0.9190

It has shown a minor pullback after hitting a low of 0.9193. The intraday trend is still neutral as long as support 0.9193 holds. The US dollar index consolidates in a narrow range between 94.56 and 93.67 for the past two weeks. Any breach above 94.60 confirms further bullishness.US retail sales for the month of September rose by 0.70%  compared to a forecast of -0.20%. Excluding auto, the numbers surged by 0.80%, better than the forecast of 0.80%. At the time of writing, USDCHF is hovering around 0.92637 up 0.37%.

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-Bearish

USDCHF is facing strong resistance around 0.92750.  Any break above targets 0.9320/0.9365. 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 0.9230/0.9193. Any convincing breach below 0.9193 targets 0.9162/0.91150.

 Indicator (1-hour chart)

 Directional movement index - neutral

It is good to sell on rallies around 0.92750-80 with SL around 0.9325 for a TP of 0.91150.