Intraday trend – Neutral
Major intraday resistance – 0.9380
The pair has formed a double bottom around 0.91563 and has shown a nice pullback. USDCHF was one of the worst performers in the past two weeks on fear of the Omicron virus. USDCHF regained on improving market sentiment and surge in US treasury yields. Significant bullish trend continuation if it breaks 0.9380 levels.
The near-term resistance is around 0.92750, any breach above 0.92750 confirms intraday bullishness. A jump to 0.9330/0.9380/0.9435/0.9500 is possible.
The minor support to be watched is 0.9200; the violation below will drag the pair down till 0.9150/0.9090.
Indicators (4 Hour chart)
Directional movement index – Neutral
CCI (50) - Neutral
It is good to buy above 0.92750 with SL around 0.9230 for a TP of 0.93750.
