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Major resistance- 0.93850
The pair regained above 0.93000 after a minor decline to 0.92867. The upbeat US inflation data supports the pair at lower levels. The producer price index jumped 11.2% from a year ago, while monthly prices increased to 1.4% in Mar, the biggest gain since Mar 2010. According to the CME Fed watch tool, the probability of 50 bpbs rate hike in May increased to 87%.USDCHF hits an intraday high of 0.93562 and is currently trading around 0.93447.
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.
