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Intraday trend – Bearish
Significant intraday resistance – 0.9250
The pair lost more than 150 pips after hitting a high of 0.93425. The weak US dollar and minor sell-off in US treasury yields are putting pressure on the pair at higher levels. The number of private jobs dropped -301k in Jan, worse than the forecast of 185K. Markets eye US ISM services PMI and ECB monetary policy for further direction. USDCHF hits a low of 0.91771 yesterday and is currently trading around 0.92070.
Bullish scenario-
The primary levels to Watch – 0.9250. Any convincing surge above confirms intraday bullishness. A jump to 0.9341/0.9380/0.9435/0.9500 is possible.
Bearish scenario-
Intraday support – 0.9170. Break below that level will take the pair to 0.9090/0.9050.
Indicators (4-Hour chart)
Directional movement index – Neutral
CCI (50) - Bearish
It is good to sell on rallies around 0.9248-50 with SL around 0.9300 for TP of 0.9090.
