Intraday trend – Bullish
Significant intraday resistance – 0.9345
The pair regained sharply after a minor decline below 200- 4H MA. The board-based buying in US dollar amid risk aversion is supporting pair at lower levels. Rising Corona cases in Germany and China increased demand for safe-haven demand.USDCHF hits a high of 0.93494 at the time of writing and is currently trading around 0.93450.
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 – 0.9300. Break below that level will take the pair to 0.9260/0.9200/0.9150.
Indicators (4-Hour chart)
Directional movement index – Neutral
CCI (50) - Bearish
It is good to buy on dips around 0.9318-20 with SL around 0.92600 for a TP of 0.9435.
