Intraday trend – Bullish
Significant intraday resistance – 0.9420
The pair is trading higher for the second consecutive week and jumped more than 200 pips. The easing tension between Russia and Ukraine has decreased demand for safe-haven assets like the Swiss franc. The 10-year US treasury yield hits the highest level since Jul 2019 ahead of the Fed meeting. USDCHF hits a high of 0.9410 at the time of writing and is currently trading around 0.93857.
Bullish scenario-
The primary levels to Watch – 0.9420. Any convincing surge above confirms intraday bullishness. A jump to 0.9435/0.9500 is possible.
Bearish scenario-
Intraday support – 0.9320. Break below that level will take the pair to 0.9250/0.9200.
Indicators (4-Hour chart)
Directional movement index – Bullish
CCI (50) - Bullish
It is good to buy on dips around 0.9380 with SL around 0.9320 for a TP of 0.9500.
