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.
