Intraday trend – Bullish
Significant intraday resistance – 0.9345
The pair trades weak for fourth consecutive days and lost more than 100 pips on board-based US dollar selling. USDCHF hits a low of 0.92603 at the time of writing and is currently trading around 0.92723.
Orders for Durable goods slipped by 2.2% in Feb compared to the forecast of 0.5%. The number of people who have filed for unemployment benefits decreased by 28000 to 187000 in the week ended Mar 19th, the lowest level since 1969.
Bullish scenario-
The primary levels to Watch – 0.93450. Any convincing surge above confirms intraday bullishness. A jump to 0.9380/0.9435 is possible.
Bearish scenario-
Intraday support – 0.9260. Break below that level will take the pair to 0.9200/0.9150.
Indicators (4-Hour chart)
Directional movement index – Bearish
CCI (50) - Bearish
It is good to sell on rallies around 0.9300 with SL around 0.9345 for a TP of 0.9500.
