The pair is under pressure for the past two days on board-based US dollar weakness. The demand for safe-haven assets like the Swiss franc gained as hopes of diplomacy between Russia and Ukraine faded. It hits an intraday low of 0.92229 and is currently trading around 0.92450.
The private payroll has added 455000 jobs in Mar compared to a forecast of 450000. US GDP rose to a 6.9% annualized rate vs an estimate of 7%.
Bullish scenario-
The primary level to Watch – is 0.92750. Any convincing surge above confirms intraday bullishness. A jump to 0.9345/0.9380/0.9435 is possible.
Bearish scenario-
Intraday support – 0.92080. Break below that level will take the pair to 0.9150/0.9090.
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 a TP of 0.91500.
