FxWirePro- USDCHF Daily Outlook

Major Intraday resistance -0.92750

Intraday support- 0.9180

The pair has shown a minor pullback after hitting a low of 0.91850 level. The intraday trend is still weak as long as resistance 0.92750 holds. US housing starts fell down last month to 1.56 M compared to a forecast of.1.62 million: Building permits declined sharply by 7.7%. The US dollar index is holding below 94 levels. Any breach below 93.50 confirms further bearishness.  At the time of writing, USDCHF is hovering around 0.92420 up 0.15%.

Woodies and CCI analysis-

The CCI (50) are trading below zero lines (bearish trend). In Woodies CCI is holding above zero lines bearish trend not confirmed.

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 (4-hour chart)

 Directional movement index - neutral

It is good to sell on rallies around 0.9240 with SL around 0.92750 for a TP of 0.9150.