Major Intraday resistance -0.9130
Intraday support- 0.9070
The pair is trading weak and hits the lowest level since Aug 2021. The cautious market mood has increased demand for safe-haven assets like the Swiss franc. The US dollar index showed a nice pullback after US ISM manufacturing PMI data. . The October US ISM manufacturing index came at 60.8% higher than the forecast of 60.4%, a decrease of 0.3% from September. 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.
Woodies and CCI analysis-
The CCI (50) and Woodies CCI are trading below zero lines (bearish trend). But it has formed a bullish divergence in CCI(50.) This confirms there will be a minor uptrend for intraday.
Trend-Bearish
USDCHF is facing strong resistance around 0.9130. Any break above targets 0.9175/0.9200/0.9220. 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 0.9070. Any convincing breach below targets 0.9020/0.9000.
Indicator (4-hour chart)
Directional movement index - Neutral
It is good to buy on dips around 0.9098-10 with SL around 0.9070 for a TP of 0.9175.
