Intraday trend – Neutral
Major intraday resistance – 0.92755
The pair is trading in a narrow range for the past two trading days. Intraday bias in USDCHF remains neutral as long as resistance 0.92750 holds. The improvement in risk sentiment due to easing Omicron coronavirus has decreased demand for safe-haven assets like the Swiss franc, gold. The minor pullback in US treasury yields also supports the US dollar. 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.
