Major resistance- 0.93850
The pair has formed a double top around 0.93750 and shown a minor decline. The board-based US dollar buying after the Fed minutes meeting supports the pair at lower levels. Fed's plan to shrink the balance sheet and aggressive rate hikes has pushed US Treasury yields to a 3-year high. USDCHF hits an intraday high of 0.93719 and is currently trading around 0.93482.
Bullish scenario-
The primary level to Watch – is 0.93850. Any convincing surge above confirms intraday bullishness. A jump to 0.9435/0.9500 is possible.
Bearish scenario-
Intraday support – 0.9300. Break below that level will take the pair to 0.9260/0.9200/0.9150/0.9090.
Indicators (4-Hour chart)
Directional movement index – Neutral
CCI (50) - Bullish
It is good to buy on dips around 0.93200 with SL around 0.9270 for a TP of 0.94350.
