Intraday trend – Bullish
Significant intraday resistance – 0.9380
The pair is consolidating in a narrow range after hitting a high of 0.93378. The US dollar gained sharply after the hawkish Fed monetary policy. US GDP growth accelerated at a 6.9% annualized pace compared to a forecast of 5.3%. US 2-year yield has shown a massive rally and hits the highest level since Feb 2020. USDCHF hits an intraday low of 0.93263 and is currently trading around 0.93160.
Bullish scenario-
The primary levels to Watch – 0.9380. Any convincing surge above confirms intraday bullishness. A jump to 0.9435/0.9500 is possible.
Bearish scenario-
Intraday support – 0.93000. Break below that level will take the pair to 0.9270/0.9220/0.9180.
Indicators (4-Hour chart)
Directional movement index – Bullish
CCI (50) - Bullish
It is good to buy on dips around 0.9300 with SL around 0.9260 for TP of 0.9380/0.9435.
