Major Intraday resistance -0.9160
Intraday support- 0.9100
The pair is trading weak for the third consecutive day on board-based US dollar selling. The US dollar index pared most of its gains after US GDP data. US economy has grown only by 2% in the third quarter, the slowest pace of growth since the Corona pandemic. USDCHF was one of the worst performers this month and declined more than 200 pips as the risk-averse mood has increased demand for safe-haven assets like the Swiss franc. The intraday trend is still weak as long as resistance 0.91850 holds.
The US dollar index is holding near 93.50 levels. Any breach below 93.25 confirms further bearishness. At the time of writing, USDCHF is hovering around 0.91139 down 0.03%.
Woodies and CCI analysis-
The CCI (50) and Woodies CCI are trading below zero lines (bearish trend). This confirms the bearish trend.
Trend-Bearish
USDCHF is facing strong resistance around 0.9150. Any break above targets 0.9185/0.9220/0.9252/0.92750. 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 0.9100. Any convincing breach below targets 0.9070/0.9050.
Indicator (4-hour chart)
Directional movement index - Bearish
It is good to sell on rallies around 0.9128-30 with SL around 0.9160 for a TP of 0.9050.
