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FxWirePro- USDCHF Daily Outlook
Intraday trend – Bullish
Significant intraday resistance – 0.9435
The pair has halted its four days of a winning streak and lost more than 50 pips from a high of 0.9460. US dollar lost its shine after Fed hikes rates by 25 bpbs as expected. The updated dot plot showed that 12 Fed members predicted seven rate hikes in 2022. The decline in US 10-year yield from multi-month high also putting pressure on pair at higher levels. Markets eye Philly Fed manufacturing and Initial jobless claims for further direction. USDCHF hits a high of 0.93949 at the time of writing and is currently trading around 0.94020.
Bullish scenario-
The primary levels to Watch – 0.9435. Any convincing surge above confirms intraday bullishness. A jump to 0.9500 is possible.
Bearish scenario-
Intraday support – 0.9370. Break below that level will take the pair to 0.9320/0.92750.
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.
